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BAYTOWN, TX-San Jacinto Court, a 52,789-sf distressed shopping center here, has been sold to SSIC Inc., an investment group from Thousand Oaks, CA. The sales price is being kept under wraps, but Jerry D. Goldstein with the Houston office of Marcus & Millichap Commercial Real Estate tells GlobeSt.com that the property had a sticker price of $5.1 million and sold “at a substantial discount to list price.” Goldstein represented the seller, Chicago-based LaSalle Bank who acquired the property in a foreclosure in early 2002.

Goldstein says one of the issues that contributed to the foreclosure was the five-year-old property’s problematic design. Situated on approximately four acres, San Jacinto Court has a 15,000-sf single purpose building attached to an L-shaped shopping center. The building had been designed specifically for a fitness club. Goldstein says it is rare to see a property as new as this fail, but the fitness club portion of the center, which Goldstein says had too large a ratio of the square footage, couldn’t command the rents needed to support the property’s financing. While the center has been for sale since the foreclosure, the marketing effort didn’t gain full force until this past summer when several interested parties came forward.

According to Goldstein, at closing the property was 54% occupied with a tenant roster that includes Sports Clips, Kona Printing and Hoffbrau Steaks. Goldstein says the buyers were working with several potential users for the single-purpose building at the time of the closing including another fitness club.

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