VICTORIA, TX-An investment group, led by San Antonio-based Spigel Properties Inc., has beaten out 10 other potential buyers for the 104,987-sf Village Center and two professional office buildings, totaling 13,840 sf. The seller was CA New Plan Asset Partnership IV LP, a company formed by New York City-based New Plan Excel Realty Trust Inc.

The complex, positioned on 9.5 acres at 2500 N. Laurent St., sold for close to the $2.7- million ask, George Cushing, a senior vice president with Grubb & Ellis Co.'s Houston office, tells GlobeSt.com. At sale time, the retail component was 78% leased and the professional office space was 69% filled, he says.

Built in 1970, the center is anchored by Bealls and Dollar King, which control a combined 18,750 sf on leases that run through 2009 and 2010, respectively. Other tenants are Victoria Office Equipment, Superbody Works, Lincare, Excel Nails and Anderson Advertising. Most leases, Cushing reports, roll within two years. The majority of professional office tenants are tied to month-to-month leases, creating significant leasing upside, he adds.

Cushing teamed with Paula Foster to represent New Plan Excel in the transaction. William Barnett, vice president of Charter Title's Houston office handled the closing.