Kinghorn, Driver, Hough & Co., the Houston based independently owned mortgage banker, arranged the loan through G.E. Capital Real Estate of Stamford, CT. The 10-year loan has a 30-year amortization.
The grocer occupies almost 24,000 sf in the 48,209-sf center. "Since 1905, H-E-B grocery has become one of the largest independently owned food retailers in the nation. Pair this with its Gessner Plaza location, and this deal was dynamite," said Jim Adams, senior vice president of Kinghorn, Driver, Hough & Co.
According to a recently published report by O'Connor & Associates, neighborhood retail centers continue to be victims of the local grocery store wars. That regional feuding has shuttered 40 Albertsons stores in favor of local favorites like H-E-B.
In the first quarter of this year, neighborhood centers posted a 78,895 sf of negative absorption. This quarter's total marked the third time in four consecutive quarters that the typically strong neighborhood center category has finished in the red, according to O'Connor & Associates' report.
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