to Cole Real State Investments.
HOUSTON-Partners Trammell Crow Co., Prudential Real Estate Investors and Morgan Group sold the class A Greenway Commons’ retail component to Cole Real Estate Investments. The 253,000-square-foot urban retail center was 96% leased at the time of closing, and attracted a great deal of interest during the marketing period.
“This is an urban infill complex and a high-density development; these projects tend to garner a great deal of interest,” explains TCC senior vice president Kyle Miller. Even with all of the potential buyers involved, the retail asset at 3838 Richmond Ave. ended up in the Phoenix-based Cole Real Estate Investments’ portfolio because of familiarity with the buyer.
Cole Real Estate acquired the 306,890-square-foot Atascocita Commons in Humble, TX from Trammell Crow in 2010. “We’d worked with them before and knew them to be a good buyer,” Miller tells GlobeSt.com. “We were happy to do the deal with them.” Chris Gerard and Chris Cozby with CBRE’s Dallas office along with R. William Kent and Gary Lawrence with CBRE in Washington, DC represented Trammell Crow Company in the sale.
Tenants include Costco Wholesale, LA Fitness Signature Club, Iberia Bank, Buffalo Wild Wings and Panda Express along with Memorial Hermann Healthcare System. The retail portion was completed in 2009.
In addition to the retail center, Greenway Commons also has a 528-unit multifamily property component, which was developed by Morgan Group and owned by Morgan Group, TCC and PREI. Martin says the complex isn’t on the market at this time. The three partners acquired the 24 acres during the mid-2000s, and began development on it in 2007. The site was originally headquarters of the Houston Independent School District.