HOUSTON – A Humble, Texas retail power center, Atascocita Commons, was sold to New York investor Kimco Realty for an undisclosed amount.
CBRE's National Retail Investment Group brokered the sale of the 316,395-square foot center from Cole Real Estate Investments, Inc. for an undisclosed amount.
The property is located at FM 1960 and Atascocita Road, the dominant retail intersection in northeast Houston, providing the center with exposure to over 90,000 vehicles per day, CBRE said in a statement. Atascocita Commons is 99.2% leased to retailers such as Ross, Kohl's, TJ Maxx, HomeGoods, Party City, Office Depot and Petco.
“Atascocita Commons is truly a market dominant shopping center and fits with Kimco Realty's strategy of owning best-in-class retail in major markets,” said CBRE Senior Vice President Chris Cozby.
Houston retail is beginning to experience the level of growth seen in the office and industrial markets. Overall vacancy dropped from 8% in 2012 to 7.4% in 2013 reported CBRE. Comparatively, vacancy in the recession was around 15%.
CBRE's Chris Cozby, First Vice President Chris Gerard, based in Dallas, and Vice President Kevin Holland, based in Houston, represented the seller.
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