Private Investor Sells 4600 Fairmont Pkwy Pasadena In Transaction Represented By Justin Miller Davis Hansen Harris Brooks
4600 Fairmont Pkwy, Pasadena, TX, 7...
Building Size
17,636 SF
Asset Type
Retail
Closing
Nov 19, 2023
AI
The property involved in the transaction is the Harris Professional Pavilion, a retail/office center located at 4600 Fairmont Pkwy, Pasadena, TX. The asset encompasses 17,636 square feet and operates within the Pasadena market.
Summary of transaction details:
- Property Type: Retail/Office Center
- Transaction Amount: Not disclosed
- Address: 4600 Fairmont Pkwy, Pasadena, TX
- Market: Pasadena
- Seller: Private Investor
- Buyer: Undisclosed
- Seller's Representative: Justin Miller - Transwestern, Davis Hansen, Harris Brooks - Marcus & Millichap
- Buyer's Representatives: Tommy Lovell III, Richard Robson - Marcus & Millichap
The sale was brokered by Justin Miller, Harris Brooks, and Davis Hansen of Marcus & Millichap, who represented the seller, a Houston-based private investor. The buyer acquired the property through a 1031 exchange, facilitated by representatives Tommy Lovell III and Richard Robson, also from Marcus & Millichap. Other terms of the sale remain undisclosed.
Players
Pasadena Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93