THE WOODLANDS-Six-month-old Eagle Equity Capital LLC, based in Dallas, has acquired its first property, the 144,000-sf Woodpark Plaza. The $21-million deal was closed in partnership with NDC Capital Partners LLC of New York City.

Woodpark Plaza sits at 25415 1-45 North on nearly 12 acres near the interstate's junction with Sawdust Road. The center is anchored by the Room Store, Lane Home Furnishings and Primitives, another home furnishings store. The seller was DBL LP from Houston.Occupancy, at the time of closing, was 78%. Eagle Equity Capital's president Stephen A. Scott says that's because 22,000 sf was just completed in July. "Once we get that leased up, we'll be in a good position," he says.

In fact, Home Entertainment Inc. and Benjamin Moore Paints have just signed leases for 6,000 sf in the newly completed addition. The J. Beard Co. in the Woodlands has been hired to lease the center, which is carrying a quoted rate of $22 per sf.

Scott tells GlobeSt.com there is enough additional land for an expansion, but there's nothing planned at this time. The center was constructed in three phases beginning in 2003.

Scott says the Dallas firm has another shopping center under contract in the northwest submarket. And, it's hunting for more properties in the Greater Houston region. "We think the Houston market is doing extremely well," he says "What we're looking for is something to give us a reasonable return of 7 or 8% and a chance for the upside where investors can end up with an overall return in the mid-teens. This market is showing that kind of promise."