HUMBLE, TX-Richland Investments Inc. of Houston adds to its already extensive portfolio with the acquisition of the 90,994-sf Deerbrook Corner Shopping Center in the Greater Houston's northeast sector.
The 87%-leased center, built during the 1980s, is situated on a little more than five acres at 20050 U.S. Highway 59 at FM 1960. According to Rusty Tamlyn of Trammell Crow Co.'s Houston office the seller logged eight offers during the three months it was on the market. "We'd dealt with the buyers before, had sold them three other assets and we knew they could perform," says Tamlyn who worked with TCC's Ralph Tullier on behalf of the seller, Deerbrook Corner Associates LP of Houston.
While the ask and the sale price aren't being disclosed, the property is assessed at $6.1 million. Sources note similar retail properties in the region are selling for upwards of $10 million.
Tamlyn tells GlobeSt.com that the property attracted strong interest because of its location at the intersection of FM 1960 and US Highway 59. Additionally, it's close to the 1.2-million-sf Deerbrook Mall. The demographics of the area, boasting an average annual income of $63,346 per household also was appealing to investors. The reason for the sale, he adds, was due to partnership changes.
Tamlyn says Deerbrook Corner is in good shape so few repairs are needed. The roster is a mix of long-time tenants with little lease roll in the near term. Finger Furniture, an anchor, has been in the center at least 20 years. Other tenants include Chili's, Pearle Vision and Popeye's.
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