Situated on nearly 12.5 acres at 2000 9th Ave. N, the 80%-leased, H-E-B-anchored center was sold by Texas City Tradewinds Ltd., an affiliate of Prime Capital Corp., a Houston-based investment company. Jerry D. Goldstein in the Houston office of Marcus & Millichap says multiple offers rolled in for the property during a marketing period of less three months.

Goldstein, the deal's lone broker, tells GlobeSt.com that the right buyer was needed for the property because the grocery anchor's lease is up in spring 2004 and there has been no word whether H-E-B intends to renew or vacate. But, the seller had reserved some abutting space to help leverage a renewal and possible expansion.

The center is located in a main trade area downtown. The strong location accounted for the investment group's willingness to take the risk, Goldstein says. In addition to H-E-B, the center also houses Burke's Outlet, Family Dollar and a University of Texas Medical Branch. According to Goldstein, the new owners don't have any immediate renovation plans for the 31-year-old property.

Aside from the new owners' confidence in the property, the town of 43,000 residents needs H-E-B to stay put. In March, Wal-Mart and Kmart exited the city, with the former heading to the next town down the road to open a "supercenter" location.