HOUSTON-The developer of a recently delivered, 22,360-sf shopping center has turned it over to a local investor, the highest of eight would-be buyers jockeying to stake a claim in one of the city's most prized retail corridors in West Houston. Retail space in the Galleria area is bringing $250 per sf to $300 per sf.
Developer RW Retail Associates LP, affiliated with Trammell Crow Co., sold the Rosewood Shopping Center at 9296 Westheimer Rd. to MAS Management of New York City. "Westheimer is the golden street of retail in Houston," says Rusty Tamlyn, a TCC principal, who added that the asset's sales price met the going rate for the submarket. He says the buyer made the close in cash, but does plan to finance it down the road. Key to making the close was finishing the deal before the book closed on 2005, according to Tamlyn.
Rosewood Shopping Center, positioned within three miles of the Galleria Mall, hit the market in the fall. The biggest hurdle, Tamlyn says, was marketing it before the last tenants moved into the center. At sale time, the asset was 95% leased, delivering a roster of names like Washington Mutual, H&R Block, T-Mobile, Cardinal Fitness and a delicatessen. "There are a lot of good credit tenants," Tamlyn says. In keeping with its MO, MAS Management will lease and manage the asset.
Tamlyn teamed with TCC vice president Ralph Tullier to represent the seller of the 2.55-acre center. Sammy Antar in MAS Management's home office handled its side of the negotiations.
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