Houston, TX – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, arranges the sale of Regions Bank located at 10803 Westheimer Rd. in Houston, TX. Senior Associate of Net-Lease Retail Joseph Nelson and Senior Vice President and Senior Director of the Single-Tenant Net-Lease Practice Group Gary Chou represented the seller and sourced the buyer.
Regions Bank is a newly constructed retail property with a 20-year absolute NNN ground lease. The property is located in a premiere business center called the “Westchase District” which was recently awarded $20M of city-subsidized money for a massive project called the “Westchase Improvement Plan.”
The seller is a professional developer who sold the newly built retail asset for $5.45M to a high net worth investor. The buyer was motivated by an interest in purchasing a retail property in the Houston Westheimer District. At 4.40% this was the lowest recorded cap rate for a Regions Bank sale. Additionally, at $2,547 per square foot, this was the highest recorded price per square foot for a Regions Bank closing.
“Setting an all-time highest price per square foot record and an all-time lowest cap rate record requires hard work, years of professional experience, and the ability to effectively communicate with high net worth investors,” expressed Joseph Nelson. “The developer listed the property prior to awarding the listing to Matthews™, however after multiple weeks on the market they were displeased with the offers they had received. They decided to list with Matthews™ because they recognized the value of our proprietary shared database, our ability to source private capital, and our ability to generate industry leading deal exposure.”
For more information regarding the sale of Regions Bank in Houston, TX or if you have any other questions relating to retail investments, please do not hesitate to reach out to Joseph Nelson and Gary Chou. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.