HOUSTON-An investment group from Los Angeles, Westwood Financial Corp., has made its first acquisition in the region, claiming title to the 25,285-sf Cypress Village Shopping Center. Industry experts speculate Westwood Financial paid $3 million to $4 million for the center, which is shadow-anchored by a 52,000-sf Kroger store.
"Westwood Financial was attracted to the center's strong location next to a grocery anchor in a dense neighborhood with strong demographics such as income and population," says Ralph Tullier, a vice president with Trammell Crow Co.'s local office. The center, situated on 3.1 acres at 13105-33 Louetta Rd. is 95% occupied.
Tullier tells GlobeSt.com that Cypress Village Shopping Center received 10 offers during a four-month run on the market. The 12-tenant center includes Blockbuster Video, Bonds Sports Grill, Parcel Plus and a local dentist. The eight-year-old center's quoted rent is $18 per sf to $20 per sf.
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