HOUSTON-A private investor from Portland, OR has paid close to the ticket price of $2.1 million for a 10,132-sf strip center in the city’s northwest corridor.

Brad Bailey in the local office of Marcus & Millichap tells GlobeSt.com that the 14095 Northwest Freeway property was on the market for 42 days and received seven offers before going under contract to the buyer. The locally based Peterson Group Inc. was the seller of the two-year-old center, developed two years ago as shadow retail to a Home Depot.

The asset, which sits on a 34,000-sf tract, figures prominently into the Northwest Freeway frontage scene, given its size. The center is part of a bustling retail corridor that has sprung up in recent years along Northwest Freeway. According to Bailey, the shopping center’s freeway positioning and its big box neighbor were the main selling points.

The fully occupied center is leased for the long term to tenants like Sprint PCS, Murphy’s Deli and Kolachi Factory. Bailey says the Peterson Group, also the developer, decided to sell the stabilized asset to free itself up for other developments.

The Oregon investor is an active buyer, who turned around proceeds from a 1031 Exchange, the details of which were unavailable. Bailey says the buyer was brought in by brokers, Joe Blatner and Gary Imbrie, in Marcus & Millichap’s Portland office.

Recent research shows it’s a good time to buy retail product in the city since it is continuing to post healthy performances across the board. According to a report recently published by O’Connor & Associates, the city absorbed nearly 2.7 million sf of retail space in the second quarter, with strip centers accounting for 160,209 sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.