The shopping center at 2700 Gulf Freeway South came with fourpads leased to Chase Bank, Denny's Restaurant, WhataburgerRestaurant and Panda Express Restaurant. The inline space totals32,700 sf. Half of it has been constructed and is leased to PaylessShoes, Ace Cash Express, Game Stop, Radio Shack, Sally BeautySupply and Leslie's Swimming Pool Supplies. Under construction is abuilding that will have a Cici's Pizza and Mattress Firm when it'scompleted in June.


George Cushing, senior vice president for Grubb & Ellis Houston, marketed the 8.5-acre center for $15.72 million. "Thiswas a quickly deal," he tells, adding it was undercontract to Fit Development LP one month after marketing began. Thedeal, closing within 60 days, included a loan assumption withGenworth Life & Annuity Insurance Co. of Richmond, VA. Heteamed with Grubb &Ellis vice president Wendy Vandeventer andassociate Benjamin S. Kogut to sell the center.


Cushing says League City MarketPlace attracted numerous bids,adding the buyer's timing and ability to close quickly was thedeciding card. "This is at a tremendous intersection," he says,citing new developments nearby by NewQuest Properties and PropertyCommerce, both Houston-based developers. NewQuest is building the453,700-sf Bay Colony Town Center at Interstate 45 and FM 646 andcatty-corner is Property Commerce's League City Towne Center. "Thisintersection has the regional and retail characteristics that drivethe building of regional malls," Cushing says. "It's a very dynamicintersection."

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