Class A Trio Reels in $55M in Off-Market Retail Sales

AmREIT assumed long-term, fixed-rate debt to acquire the 129,955-sf Plaza in the Park in the Inner Loop and 97,297-sf Cinco Ranch in Katy from Immo Finanz, an Austrian REIT that bought the holdings a year ago. The 13,597-sf Courtyard at Post Oak in the Galleria, sold by local developer Interfin Cos. LP, traded debt free.

Tenel Tayar, AmREIT's vice president of acquisitions, tells GlobeSt.com that the Immo Finanz deal closed 40 days after the contract was placed and Interfin's went down in 35 days. The assumed loan is held by the New York City-based TIAA-CREF.

Sueba USA, Immo Finanz's asset manager in the states, developed the Kroger-anchored centers and negotiated their sales. Tayar says the dealmakers were the properties' footholds at irreplaceable corners in thriving submarkets.

The 14.3-acre Plaza in the Park at 5150 Buffalo Speedway was 96.7% occupied at sale time. The 75,000-sf Kroger, in the midst of a 13,120-sf expansion, has the location locked down through 2017. The weighted average lease term is 9.2 years, according to Tayar. The center's annual revenue totals $3.2 million.

The 100% occupied Cinco Ranch is anchored by a 63,000-sf Kroger, with a lease good through June 2023. The balance of the roster has an average lease term of 14 years. Set on 12.8 acres at 22010 Westheimer Parkway, the center is positioned in the heart of the affluent Cinco Ranch. The center's combined annual revenue is $1.4 million.

The fully leased Courtyard at Post Oak at 1670 Post Oak Blvd. consists of a 4,013-sf building leased to Verizon Wireless and 9,584-sf structure occupied by Ninfa's restaurant and Dessert Gallery. The 1.5-acre center generates $429,000 annually. The average remaining term on the leases is 5.2 years.