HOUSTON-A local developer has sold the nine-year-old Hollister Pointe Center for close to the $9.85-million ask to a Northern California family partnership. The buyer's market inroad is an 86,704-sf shopping center that's 81% leased.
Paul Gardner, senior associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s Houston office, tells GlobeSt.com that the buyer beat several other offers with its price for 13167 Northwest Freeway. "They came closest to the price we were looking for and offered the best deal," Gardner says. Brian Mason with Colliers International Inc. in San Jose, CA represented the buyer.
Gardner says the deal was particularly challenging because it required a loan assumption. He couldn't provide specifics about the fixed-rate loan, but he did say there are several years remaining on the term.
Situated on 9.34 acres, the center has a mix of national and local tenants. The list includes Slick Willie's Family Pool Hall, Woodcraft, Lyndon's BBQ, Curves, Nextel and Aquarium World.
"There won't be a lot of upgrades needed here. The property is in good condition," Gardner says, adding the new owners have one large and one small space to lease. Shawn Ackerman and Jason Gaines from Henry S. Miller Commercial's Houston office are overseeing leasing. Rent quotes go from 83 cents per sf to $1.42 per sf.
Gardner thinks the first-time metro buyer will be on the lookout for additional acquisitions although nothing is on the docket at this time. "I think they've filled their bill for now," he adds.
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