Houston Firm Acquires 84%-Occupied Shopping Center

HOUSTON-Houston-based Kagan-Edelman Capital Fund has sold a 34,455-sf shopping center at 2435 Texas Parkway on the southeast side of US Highway 59 near Houston’s CBD.

Grubb & Ellis Co.’s investment group team of George Cushing, senior vice president, and Gus Lagos, vice president, represented Kagan-Edelman Capital Fund. Mike Maroney, of Shapiro & Associates, and M.J. Reddy represented the buyer, Reddy Partnership/Parkway Ct. S/C.

Cushing tells GlobeSt.com that the sale was one of a succession of property sales for Kagan-Edelman. According to Cushing, Reddy Partnership is a Houston-based owner of shopping centers. “They own a broad spectrum of centers,” he says, but have a proven track record of enhancing the performance of smaller shopping centers.

Lagos says the center is 84% occupied and carried an asking price of $1.35 million. Save for Domino’s Pizza, the majority of tenants consist of small local businesses.