Retail Center Sells Despite 32% Occupancy

HUMBLE, TX-Foxwood Place, a 34,646-sf shopping center at 7211 FM 1960 East in this northeast suburb of Houston has been sold to Asset Preservations Inc./Western Prop. Co. Senior vice president George Cushing, vice president Gus Lagos and associate Paula Foster, all with the Houston office of Grubb & Ellis Co., represented the shopping center’s seller, The Kagan-Edelman Capital Fund Series XXII Ltd.

The shopping center has a 32% vacancy rate and Lagos tells GlobeSt.com that the sellers were interested in the center because it has upside potential in leasing out the vacant space.

This marks the third shopping center sold by Kagan-Edelman this fall. In September, the Kagan-Edelman Capital Fund of Houston sold Cypresswood Court, a 68,000-sf shopping center in Spring, a northwest suburb of Houston. Kagan-Edelman had owned that shopping center for 10 years. In October, the Kagan-Edelman Capital Fund sold a 34,455-sf shopping center at 2345 Texas Parkway on the southeast side of U.S. Highway 59 near Houston’s CBD. Cushing told GlobeSt.com in October the sale was one of a succession of property sales for Kagan-Edelman.