The Kroger Signature-anchored center at 3410 Gulf Coast Freeway, midway between Houston and Galveston, was built in 1980 and renovated in 2003. "Weingarten had owned this for several years and did a lot of work on it to upgrade it," says George Cushing, senior vice president in Houston for Grubb & Ellis Co.

Cushing tells GlobeSt.com that Dickinson Village and the 58,476-sf Crosby Shopping Center, which sold in March, were the seller's final two assets although Weingarten, via other ownership strains, has other retail properties up for sale. "Weingarten has an ongoing disposition program," he explains. "This isn't anything unusual for them."

Dickinson Village, situated on seven acres, was marketed less than 60 days by Cushing and Grubb & Ellis vice president Paula Foster and associate Wendy Vandeventer. Assessed at $3.2 million, the listing pulled 20 offers, according to Cushing.

Cushing says his familiarity with Southwestern Investment Group was the main reason why it got the nod to buy the asset. "I'd completed several other transactions with them," he says, "and I had a good knowledge of who they were and their ability to perform."

Cushing says the 100%-leased center won't require much, if anything, in the way of upgrades or maintenance. "It was freshly renovated in 2003 and is still in good shape," he says, adding Southwestern Investment plans to lease and manage the property.

Cushing says the Kroger anchor lease doesn't expire until 2015. The tenant roster also includes Sherwin-Williams Paints, Curves, Pizza Hut, T-Mobile and Rent-a-Center.

Instant Insights /

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