HOUSTON-A local couple has paid $1.1 million for the 7,042-sf Antoine Center in the northwest submarket from a decade-long owner.
Ahmad and Farah Quadri bought the property at 7028 Antoine Dr. from Ant Dock LP, a division of Retail Properties Group of Houston. "The seller wanted to take advantage of the market demand," says Jamie Bouterie of Hunington Properties Inc.
Bouterie tells GlobeSt.com that Antoine Center had two back-ups offers on it. It traded at a 9.9% cap rate. The Quadris, who have owned other retail properties in the region, were represented by Randy Summers Century 21 Hardee Team, a local brokerage firm.
Antoine Center was built in the mid-1950s and rehabbed in the 1990s, Bouterie says. It is fully leased to Summitt Dentists, Jackson Hewitt and Texas Check Cashers. The leases don't roll until 2010, according to Bouterie. The retail space rents for $15 per sf.
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