Each offer for West University Corner at the corner of Buffalo Speedway and Bissonnet Street was at least 95% of the list price despite a conduit loan that needed to be assumed, Jerry D. Goldstein in the local office of Marcus & Millichap tells GlobeSt.com. The best and final face-off rolled the deed to the highest bidder, John Curcio, trustee of a locally based retirement fund, which put up $200,000 of earnest money with $25,000 being non-refundable.

The seller, Sand Springs Ranch LP of Portland, OR, sold its only local asset in a plan to deploy the proceeds into a commercial property in its hometown, zeroing in on an office building for the exchange. Goldstein says the local plaza went under contract in April and just closed.

Goldstein says Curcio's investment group also used exchange capital from the sale of several properties in the metro area to secure the newest acquisition for a portfolio of infill retail properties in town. The shopping center is assessed at $3.3 million by the Harris County Appraisal District.

The seller bought the five-year-old West University Corner shortly after it delivered. The 2.3-acre development is fully leased to Walgreens, Blockbuster and Craig's Cleaners. Goldstein says each tenant is tied to a long-term lease.

Goldstein and Brad Bailey, also with Marcus & Millichap, negotiated the transaction. David Pitschmann of Houston Title coordinated the closing. The Cleveland-based KeyCorp. is servicing the loan assumed by buy side.

Instant Insights /

GlobeSt.com EXCLUSIVE: West University Plaza Sells for $8M

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