The buyer turned around 1031 Exchange capital and placed newdebt to take over the 80%-leased asset at 9111 Jensen Drive on thenorth side of the city, Gus Lagos with Grubb & Ellis Co.'sHouston office tells GlobeSt.com. The principals behind the buyingpartnership, 9111 Jensen LLC, own about 40 shopping centersnationwide in a mixed ownership lineage.
The center's anchor, Pep Boys, has one year left on its leasefor 20% of the retail space. Lagos says the decision's still out asto whether there will be a renewal. The roster also includes JensenBazaar and Chon's Trading. Lagos says the new owners will undertake$150,000 of improvements in the next six months.
Mark McGinley with Tarantino Properties in Houston representedthe seller, Jensen Center Ltd./Spigel Properties Inc. of SanAntonio. The five-acre development is assessed at $1.9 million byHarris County Appraisal District.
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