"The property attracted multiple offers, but these buyers became the most aggressive," Jerry Goldstein, with Marcus & Millichap's Houston office, tells GlobeSt.com, referring to TriYar Inc., the investment group that bought the 9550 FM 1960 East property.
The retail shopping plaza, located within a half mile of the Deerbrook Mall and across the street from a planned super Wal-Mart, had been foreclosed on by GMAC Commercial Mortgage, which put the property on the market about a year ago.
Interest was almost immediate, says Goldstein, who represented both parties in the transaction. When 10 bidders stepped in with offers, he knew it was only a matter of time before the shopping center sold. "When we started marketing it, it sold pretty quickly," he says.
Built around 1985 by Trammell Crow, the plaza was once home to a Marshall's department store and a General Cinema theater. Both spaces currently are vacant, but the plaza's other tenants--an Olive Garden and Black-Eye Pea restaurants along with a Hallmark store, Plus Sizes, Bookstop and SAS Shoes--continue to thrive.
Although only 60% occupied, Goldstein says the plaza, located in a thriving commercial market northeast of Houston, remains a strong opportunity for the new owner. "It's a unique opportunity, not only because it's located in a viable trade area, but because other companies are making a commitment to make it even stronger," Goldstein says, noting that the planned super Wal-Mart construction and another plan to bring a super Target to the area will help invigorate the vacant shop space.
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