The sale entails only about half of the single-level enclosedregional mall at 2600 Texas 6 S. Not included are 500,400 sf ofanchor spaces owned by Macy's and Dillard's. The remaining space,including additional anchor sites leased to Sears and Steve &Barry's, was owned by a group of investment entities organized bythe Richmond-based 1031 Tax Group LLC.

According to the Houston Chronicle, the owners requestedbankruptcy protection in October 2007. In July 2006,Investment Properties of America LLC of Richmond used the mall ascollateral for an $86-million loan secured in a commercialmortgage-backed security referred to as Greenwich Capital2006-GG7.

Sears' 102,000-sf lease expires in August 2010. Steve andBarry's lease for 87,000 sf expires in January 2013. The mallgenerated net operating income of $6.57 million in revenue of$12.31 million in 2006, the last year for which figures werepublicly reported.