Located on 1.3 acres at 700 Wilcrest Dr. near its intersection with Memorial Drive, Wilcrest Shopping Center came to market for $2.2 million, selling for close to the ask. "This wasn't an exclusive listing," says James Bell, senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. in Houston. "It was an open deal in which I put the buyer and seller together."
Bell says the seller, Mafrige Trustee, felt market conditions were right to dispose of the asset. "This'll probably be his last sale for the time being," Bell tells GlobeSt.com, adding that both buyer and seller have additional properties in the immediate area.
Mafrige bought has owned the Wilcrest center since its completion in 1984. The 85%-leased center's roster includes a dry cleaners outlet, Discount Carpets Co. and the Sun Tans salon. The local buyer, planning a long-term hold, will handle lease and manage the asset.
Bell says some cosmetic renovations are in the offing, but no major overhaul is necessary. "This is a convenience neighborhood center," he explains. "It backs to a nice residential neighborhood and is a good investment."
Wilcrest Shopping Center is positioned just outside of the city's Beltway 8 loop and south of Interstate 10. The area, predominantly middle-class, is just east of the fast-growing Katy Freeway corridor submarket, which is home to many energy-related companies.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.