HOUSTON-An investment group from Inglewood, CO has claimed the 80,825-sf Kirkwood Shopping Center for $10.5 million.
Southwestern Investment Advisors LLC obtained an $8.4-million loan from New York City-based lender, Citigroup Inc., to buy Kirkwood Shopping Center at 11890 Westheimer Rd. from its local seller, Kirkwood LLC. The 10-year loan is set up with two years of interest-only payments fixed at sub-6%. "The center was attractive to a lot of lenders because it is in a high-traffic location off Westheimer near the prominent Royal Oaks Community and Golf Course," Adam Allen, a producer with Houston-based LJ Melody & Co., tells GlobeSt.com. The LJ Melody team included Paul House and Tom Fish.
Situated on nearly eight acres, the 90%-leased Kirkwood Shopping Center was built in 1979 and renovated in 2000. It is anchored by Sports Authority and Spec's. Monthly rents range from $12 per sf to $18 per sf, triple net.
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