HOUSTON-Festival Properties Inc. has expanded its local portfolio with the acquisition of Stella Link Center, a 99,727-square-foot community shopping center anchored by Conn’s, Citi Trends and O’Reilly’s Auto Parts. The 1960s-era, infill asset traded for $6.85 million, or $69 per square foot, and achieved an 8.36% cap rate.
The seller, Cincinnati-based Phillips Edison & Company tapped Hanley Investment Group Real Estate Advisors of Irvine, CA, to market the shopping center. Eric P. Wohl and Edward B. Hanley represented the seller, while Marvin Stapper of M.M. Stapper Company in Houston represented Festival Properties.
Situated on 7.58 acres at 9117-9335 Stella Link Dr., the shopping center was built in 1960, and an additional building was added in 1978. The property was 76% occupied at the time of sale.
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