Jerry D. Goldstein with the Houston office of Marcus & Millichap tells GlobeSt.com that the property sold with an 8.5% cap rate. By the time the transaction closed, several tenants had opened doors; the balance is planning to occupy by spring. All leases have five- to 10-year terms, Goldstein says of a line-up that includes Smoothie King, Cingular, Payday Advance, Philly Connection and Platinum Pools.
The buyer of record, Highway 6 Interests, sold another retail property in Houston as the first leg to the exchange. Goldstein says the buyer's willingness to move quickly on the under-construction property didn't necessarily garner a lower price, but did help to beat out the tough competition that certainly would have followed after its completion. As it was, Goldstein says the new owner was the top bidder in a field of three jockeying for a property with a quoted rent range from $21 per sf to $27 per sf.
Goldstein says the center is positioned in one of Houston's top retail trade areas: FM 1960 near the US Highway 290 crossover. He says the sector is home to several top-performing stores for national chains, including the center's neighbor, Academy Sporting Goods. Robalo Partners of Houston, a merchant builder, is the seller.
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