The Knipp Wolf Net Lease Group of Marcus & Millichap Closes the Sale of a Bank of America Ground Lease in the Prestigious Greenway Neighborhood of Houston, Texas

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a Bank of America ground lease in Houston, Texas according to Tim A. Speck, division manager in the firm’s Dallas office.

Ryan Wolf, First Vice President Investments, and Vincent Knipp, Senior Managing Director Investments, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor.

The property is located in the center of the prestigious Greenway neighborhood, midway between Downtown and Uptown. The high-barrier to entry neighborhood includes the 16,800-seat Lakewood Church, the 52-acre Greenway Plaza business district, and boasts a sizable employment base with 929,378 employees within a 5-mile radius. Bank of America reported explosive branch-level deposits of more than $200 million as of June 2022.

The buyer was based out of Houston and owns additional property in the area.

“We were working two solid offers and I was confident that either would close, but it was a function of timing,” said Wolf. “Our seller had a gas station under contract in Florida and needed the funds as soon as possible. One group was unable to cut their timeline and the other was able to close in 30 days and meet our seller’s pricing expectations.”

Bank of America is located at 3904 Richmond Avenue in Houston, Texas.