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4600 Fairmont Pkwy, Pasaden...

Private Investor Sells 4600 Fairmont Pkwy Pasadena In Transaction Represented By Justin Miller Davis Hansen Harris Brooks
SOLDRetail

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:

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

Justin Miller

Transwestern

Broker

$3.5M

vol

9 deals

Broker

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