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HOUSTON-Bridgeview Plaza Center, a 19,800-sf neighborhood shopping center in the city’s northwest submarket, has been sold in a 1031 Exchange to RDR Enterprises of Austin.

The property at 19620 Kuykendahl Rd. delivered close to the ticket price of $2.6 million for the seller, Bradley Bailey of Marcus & Millichap Real Estate Investment Brokerage Co.’s local office tells GlobeSt.com. Bailey says the seller–a private developer from the metropolitan area–plans to develop another shopping center with the exchange money from the sale. The Harris County Appraisal District lists Castlewood Properties Inc. of Spring, TX, as the owner.

Bailey says the property never made it to the market, but he wouldn’t say if the buyer had competition for the property. RDR Enterprises has gotten a 100%-occupied, one-year-old center, with a tenant roster of “mom and pop” retailers that includes a dry cleaners, nail salon, florist, Allstate Insurance Co. agent and restaurant. Bob Dube of Dube’s Commercial in Austin represented the buyer.

Bridgeview Plaza is located in Spring, a growing single-family pocket in the northwest sector. Situated on 1.7 acres, the center is nestled between the Bridgeview and Bridgestone subdivisions and in close proximity to the Windrose master-planned community. RDR Enterprises’ portfolio consists of small retail properties locally and in Dallas as well as Oklahoma and Colorado.

According to a Marcus & Millichap report, the median sales price for retail space in the city is $71 per sf. The report forecasts retail demand this year, particularly older properties, will be strong in outlying suburbs like Spring.

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