George Cushing, senior vice president with Grubb & Ellis Co.'s Houston office, tells GlobeSt.com that the H.E. Butt Grocery-anchored center at 6960 Barker Cypress Rd. in the far west submarket was part of a $388-million portfolio acquired nearly a year ago by the New York City-based Investcorp from Equity One Inc. in North Miami Beach FL. Cushing is marketing two other centers from the portfolio: 58,384-sf Benchmark Crossing at Texas 290 and Hollister Road on the northwest side, which is under contract, and 90,647-sf Beechcrest Shopping Center at Wilcrest Drive and Beechnut Road in the southwest, which is on the market for $10 million.
Cushing, who teams with Grubb & Ellis associate Wendy Vandeventer, says the marketing period for Barker Cypress yielded four offers, with Houston Structures LLC getting the nod for the buy. "They expressed a strong intent and interest from the start," Cushing says. "They approached the offer process in a professional manner and flew out promptly with the main decision-maker to see the 87%-occupied property." The buyer was self-represented.
Cushing adds that the property, developed in 1998 on 8.9 acres, represents a value-add play for the first-time area buyer. "There's a vacancy in the portion of the center and the buyer has the opportunity to lease it up," Cushing says.
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