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HOUSTON-Fry Road Retail, Ltd., owners of the Westgate Marketplace shopping center at the northeast corner of Fry Road and Interstate 10 in west Houston, have obtained $28.5 million in term financing. The 292,614-sf center was developed in two phases in 2001 by Austin-based Barshop & Oles Co.

HEB Grocery anchors the project and was the first phase with the Kohl’s department store as the second anchor and phase. Other tenants include Cingular Wireless, Citifinancial, Office Max and Pier 1 Imports.

Barshop & Oles Co. continues to manage the center. Jim Richards of Houston-based Live Oak Capital Ltd. arranged the financing with lender, SouthTrust Bank.

Live Oak Capital, a full-service commercial mortgage banking firm, also recently arranged $7.5 million in permanent financing for Bellaire Shopping Center Associates, LP, a Trammell-Crow-sponsored partnership that has acquired and renovated the West University Marketplace shopping center at Weslayan Road in the West University/Bellaire submarket.

David Aaronson of Live Oak Capital arranged the financing through Lehman Brothers. The 60,136-sf shopping center was originally developed in 1950. The center has undergone a complete renovation and has attracted new tenants including Whole Foods Market, Inc. and Bank One.

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