MAGNOLIA, TX-Powell Plaza, a 21,760-sf retail center at 6311 Highway 1488 in the northwestern Houston suburb of Magnolia has been acquired by D’Agostino Cos. with a $1.8-million loan from a conduit lender.

The financing is considered an out-of-the-norm move for Column Financial of Atlanta. It is rare to find a conduit lender backing a smaller deal, particularly “in a tertiary market that is on the rise, but not fully developed,” Tucker S. Knight, associate director for Houston-based Holliday Fenoglio Fowler LP, tells He says the acquisition and financing commitment was had in 30 days. The borrower turned over 1031 Exchange money from a sale in Baton Rouge, LA.

Knight says the strong demographics in that area of town, which include abundant new rooftops and retail combined with the good visibility of the project helped push the deal through the lender. The Weitzman Group is building a Kroger-anchored shopping center that, Knight says, will be a shadow anchor for Powell Plaza.

Toby Powell, a private investor from Conroe, is the seller of the two-year-old holding, which came to market with a $2.4-million price tag. There were no third-party brokers involved in the sale of the fully leased center, which sits on 1.2 acres. Its tenant roster includes the First Bank of Conroe, Southland Title, Subway and Take One Video.

Knight arranged a 10-year loan, with 30-year amortization and 6.5% fixed interest rate. The $1.8-million loan represents 75% of the loan to value. The borrower, D’Agostino Cos. of nearby Conroe, is a commercial and residential developer with a portfolio in excess of 500,000 sf.

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