HOUSTON-Lamar Cos. of Morristown, NJ has wrapped up a local disposition of three retail properties, selling the 273,230-sf Willowchase Shopping Center to an affiliate of Norfolk, VA-based Perrine & Wheeler Real Estate Investments. The center has been on the market since May at an asking price of $17.5 million.

The buyer, Willowchase Associates LLC, bested 18 others vying for the 90%-leased property at the corner of FM 1960 and Texas 249. Lamar acquired the shopping center in 1999 along with Deerbrook Plaza and Lakewood Forest Shopping Center.

George Cushing, senior vice president here for the Northbrook, IL-based Grubb & Ellis Co., tells GlobeSt.com that Lamar bought the trio with a plan to hold for three years, add stronger management and hike occupancies … and then return the package to the market.

Cushing, who’s not discussing the selling price, says the 19.5-acre holding’s chief draw was its relatively low rental rates in comparison to the trade area. According to Cushing, the retail space in the 14-year-old Willowchase rents for about $10 per sf while neighboring centers are raking in $22 per sf. The just-sold center is positioned near the 1.5-million-sf Willowbrook Mall in a trade area that takes in the suburbs of Cypress, Spring, Tomball and Magnolia. “If you took a snapshot of the area right now,” Cushing says, “you would see a wealthy and deep consumer base.”

Cushing says the center sold without deferred maintenance or debt assumption. The new owner is planning a long-term hold, he adds. The anchor tenant roster, which has no large rollovers in the near future, consists of Fiesta Mart, PetsMart, Jo-Ann Fabrics, Tuesday Morning and Burke’s Outlet. Grubb & Ellis associate Paula Foster assisted with the sale of Willowchase, assessed at $14.5 million by the Harris County Appraisal District.

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?


© 2024 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 © 2024 ALM Global, LLC. All Rights Reserved.