"The seller didn't really want to split this portfolio up and have eight transactions. It would have been an administrative nightmare," comments Michael L. Parker, associate director with Holliday Fenoglio Fowler LP's Houston office, who had the marketing assignment with senior managing director Rusty Tamlyn. "He wanted one buyer that would take down the whole thing," Parker adds.
Parker declined to name the seller and the sales price. According to the Houston Central Appraisal District, the portfolio belonged to various funds operated by Kagan-Edelman Enterprises. Further research notes that similar 1970s strip centers can trade for between $80 per square foot and $100 per square foot.
"We'd had this portfolio listed for awhile," Parker tells GlobeSt.com. "We had a slew of offers, a number for one portion or another, and three or four real offers for the entire thing." He says that Houston-based Satya Inc. made an offer that stood out. In addition, "this guy specializes in rehabbing properties and repositioning them," Parker comments. "He'll refresh these and do well with them."
In Houston, the portfolio consists of the 25,812-square foot Spring Creek Plaza at 6450 Louetta Rd. and the 23,750-square-foot Champion Forest/Louetta at 9001-9041 Louetta Rd. on the far northwest side and the 37,435-square-foot Bellcrest Shops on the west side at 10600 Bellaire Blvd. In addition, the portfolio contains the 28,261-square-foot Williamsburg at 1801-1845 Mason Rd. in the far west submarket and the 36,905-square-foot Cranbrook Plaza at 13313-13331 Kuykendahl Rd. on the north side.
Also part of the collection was the 40,823-square-foot Friendswood Village at 607 S. Friendswood Dr. in Friendswood, TX and the 29,699-square-foot Park 45 at 26420-26440 Lexington Rd. and 913-921 Spring-Cypress Rd. in Spring, TX. The portfolio is approximately 23 years old, and is 70% occupied. Josh Jacobs of Houston-based Page Partners has the leasing assignment.
Satya will close on one of the other two assets, either the 42,580-square-foot Postwood Plaza at 5639-5685 Treaschwig Rd. in Spring, TX or the 30,000-square-foot Harwin-Wilcrest at 6101-6175 Wilcrest Dr. on the west side, though it's uncertain which one Satya will buy. Parker says the other has been withdrawn from the market, but will be re-introduced sometime in 2009 as a single offering.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
