Houston-based developer Ainbinder/Shannon Gessner LP sold the plaza to a California-based private investor Berke Gessner Ltd. The H-E-B grocery store, constructed in 1993, is 23,570 sf while an abutting two-year-old strip center totals 26,967 sf. The buildings are situated on 6.3 acres.
Jamie Bouterie and Sandy P. Aron, both of Houston's Hunington Properties Inc., represented buyer and seller in the transaction. Bouterie tells GlobeSt.com that the buyer is looking at the 100%-occupied property as a long-term hold and is planning a 7,800-sf addition to the strip center. Bouterie says the second phase construction will begin and finish in the next six months. Pre-leasing on phase II has begun. Hunington will continue to manage the property.
Bouterie cited normal portfolio shifting as Ainbinder's reason for selling. The property was on the market for several months and received a "handful of offers" from various investors, according to Bouterie.
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