The shopping center at 2700 Gulf Freeway South came with four pads leased to Chase Bank, Denny's Restaurant, Whataburger Restaurant and Panda Express Restaurant. The inline space totals 32,700 sf. Half of it has been constructed and is leased to Payless Shoes, Ace Cash Express, Game Stop, Radio Shack, Sally Beauty Supply and Leslie's Swimming Pool Supplies. Under construction is a building that will have a Cici's Pizza and Mattress Firm when it's completed in June.

George Cushing, senior vice president for Grubb & Ellis Co. in Houston, marketed the 8.5-acre center for $15.72 million. "This was a quickly deal," he tells GlobeSt.com, adding it was under contract to Fit Development LP one month after marketing began. The deal, closing within 60 days, included a loan assumption with Genworth Life & Annuity Insurance Co. of Richmond, VA. He teamed with Grubb &Ellis vice president Wendy Vandeventer and associate 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 the deciding card. "This is at a tremendous intersection," he says, citing new developments nearby by NewQuest Properties and Property Commerce, both Houston-based developers. NewQuest is building the 453,700-sf Bay Colony Town Center at Interstate 45 and FM 646 and catty-corner is Property Commerce's League City Towne Center. "This intersection has the regional and retail characteristics that drive the building of regional malls," Cushing says. "It's a very dynamic intersection."