Marcus & Millichap brokered the sale of La Porte Plaza, a 20,477-square-foot multi-tenant retail property in La Porte, Texas.
Justin Miller, investment specialist in Marcus & Millichap’s Houston office, exclusively marketed the property on behalf of the seller, an out-of-state investor, and procured the buyer, a local investor completing a 1031 exchange.
La Porte Plaza is located at 112 TX-146. Built in 2014 on 2.3 acres, the retail center is leased on a triple-net basis, providing tenants responsibility for common area maintenance, insurance and property taxes. Dollar Tree serves as the anchor tenant and recently extended its lease. The buyer was attracted to the property’s stable cash flow, below-market in-place rents and potential for future rental growth.
