The 60,000-sf West U Marketplace traded to a New York-based investment group, U West Marketplace Associates. The holding, which carried an asking price in excess of $10 million, is situated on 3.8 acres at Bellaire Boulevard and Weslayan in the exclusive West University neighborhood near Rice University.

Frank Egan of Eastbourne Investments tells GlobeSt.com that the retail center was acquired about three years ago in a plan to renovate and sell in keeping with the firm's business plan. Since the takeover, there has been a 100% tenant turnover. The 95%-occupied center's tenant mix now includes Whole Foods Market and Bank One, each with more than 10 years left on their leases, according to Egan.

Rusty Tamlyn, director with the Houston office of the Trammell Crow Co., says the 1950s-vintage building was a prime candidate for redevelopment with national, high-credit tenants due to its highly desirable location. He and Trammell Crow associate, Ralph Tullier brokered the sale, which attracted about 10 offers during the marketing period.

In keeping with a buy-sell strategy, Eastbourne bought acreage near Fry Road and Grand Parkway for a 250,000-sf shopping center that will break ground in 12 to 18 months, Egan confides. West Houston Ltd., a local investment group, sold the land, valued at close to $6 million. Lynn Davis of the Houston office of the Trammell Crow represented Eastbourne in the land transfer.