The Texas investor, under the name of 7500 SF Ltd., boughtSharpstown Center at 7500 Bellaire Blvd. from Citigroup GlobalInvestments, a successor to Hartford, CT-based Travelers Insurance.Two years ago, Travelers foreclosed for a $20-million note in atake-back from AMP Associates of Sharpstown.

The Insignia/ESG team of Joe Dubuc, business developmentdirector in Houston, and Jim Thomas, a senior managing director inDallas, represented the seller. Herb Shapiro of Shapiro Associatesin Houston negotiated the terms for the buyer.

At least a dozen would-be buyers surfaced in the one year thatthe mall was up for sale, Dubuc tells The interest, hesays, was tied to the design, which has 650,000 sf of inline space,more than double the norm. The mall, 72% occupied at sale time,just lost one of its three anchors: JCPenney. Foley's is in placefor the long term while Montgomery Ward's space was backfilled byBurlington Coat Factory, creating the chain's second best performerin the city.

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