HOUSTON-Los Angeles-based Unilev Capital has expanded its Bayou City presence with the near $10.5-million acquisition of Lakeside Village Shopping Center. Founders Lakeside LLC, an affiliate of Los Angeles-based RPD Catalyst, is the seller.

Located at the intersection of Westheimer Road and Wilcrest Drive, the 77,467-sf retail center at 10950 Westheimer Rd. received more than a dozen offers and several full price offers, according to George Cushing, a senior vice president of Grubb & Ellis Co.'s local office. He and Paula Foster, a Grubb & Ellis vice president, represented the seller.

"Westheimer is a prized road for people to own retail on…most Westheimer properties command a premium," Cushing tells GlobeSt.com. "This center will be a long-term hold for the buyer."

The fully leased center is situated on a 5.5-acre tract in a dense, infill location. "With all the employment and residential, it has great traffic and great visibility," Cushing says.

Built in 1974 and renovated in 1999, Lakeside Village Shopping Center's tenant roster includes Office Depot, Dollar Tree and Lenscrafters. Office Depot, occupying 25,400 sf, just renewed its lease through December 2009. "The buyer liked that fact that the lease rates are fairly moderate compared to the market and there may be some potential upside," Cushing says.

Unilev, represented by Raymond Levy, owns and operates several other retail centers in the metro area, including a couple centers along Westheimer Road. "We knew the firm and had a high level confidence and felt comfortable that they could close the deal," Cushing says. Unilev assumed a $7.1-million conduit loan with a 5.35% interest rate.