California Syndicate Buys 170,000-SF College Retail Center

HOUSTON-Santa Ana, CA-based Triple Net Properties, a 1031 Exchange syndicate, has pulled together about a dozen investors to purchase the newly constructed 169,989-sf Wolf Pen Plaza at Texas Avenue and Holleman Drive, one mile south of Texas A&M University in College Station.

James Bell, an associate in the Houston office of Marcus & Millichap Real Estate Investment Brokerage Co., marketed the property for seller, Zimmer Development of Wilmington, NC. The property was offered at $16 million with a 9.9% cap rate.

Bell tells GlobeSt.com that the seller wanted to exit the property in order to focus on assets in its geographical region. Construction began on the 16-acre Wolf Pen Plaza in 2001. Its occupancy now stands at 95%, with the last tenant moving in less than two months ago. The tenant roster includes names such as Ross Dress For Less, Hobby Lobby, Petco, Shoe Carnival and Goody’s.