HOUSTON-A local retail developer has pulled one property from its portfolio, selling the 350,444-sf Copperwood Village Center to Kimco Realty Group. Industry sources speculate the asset could have fetched as much as $61 million.
The 97%-leased shopping center at 6803 Highway 6 North was developed in four phases from 1996 through 2004 by Gulf Coast Commercial Group. Its national line-up includes Marshall's, Bed Bath & Beyond, OfficeMax, Palais Royal, Michaels, Petco, Old Navy, Famous Footwear and Pier 1 Imports.
The New Hyde Park, NY-based REIT beat out multiple offers for the property due to its "an aggressive price and ability to close for cash without financing contingency," says George Cushing, senior vice president of the retail investment group with Grubb & Ellis Co.'s Houston office, who with Paula Foster, represented the seller. Kimco was self-represented.
There was no listing price for Copperwood; the final price isn't being disclosed. However, area experts speculate that the retail development, assessed for roughly $35 million, could have brought as much as $175 per sf to $200 per sf.
Copperwood is one of four properties that Gulf Coast Commercial Group has on the market. The 163,114-sf Willowbrook Shopping Center at 17685 Tomball Parkway and 85,727-sf Westgate Shopping Center at 19620 Katy Freeway are under contract and scheduled to close in several months. Also up for sale is the 95,135-sf San Angelo Marketplace. And, Cushing says, another Gulf Coast-developed shopping center will soon be for up sale as well. "Gulf Coast has a continual program of developing and selling properties," he says, "and these transactions are part of that strategy."
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