Whitestone REIT Sells Providence Plaza Retail Center In Houston For An Undisclosed Amount
Building Size
90,327 SF
Asset Type
Retail
Closing
Nov 13, 2024
AI
The transaction involves a retail property located at 9404-9478 South Highway 6 in Houston, featuring a total square footage of 90,327. The asset is a shopping center that was reported to be 97% leased at the time of sale.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Address: 9404-9478 South Highway 6
- Market: Houston
- Seller: Whitestone REIT
- Brokers: Alex Wolansky & Gus Lagos - Marcus & Millichap
- Mortgage Broker: Jamie Safier - Marcus & Millichap Capital Corp
The sale and financing of Providence Plaza were brokered by Marcus & Millichap, with Alex Wolansky and Gus Lagos representing the seller, Whitestone REIT. Jamie Safier was responsible for securing financing for the undisclosed buyer involved in the transaction.
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
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