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HOUSTON-A local private investor has purchased Copperfield Place, a 14,050-sf shopping center in the northwest part of town, before the asset was placed on the market. The property had an asking price of $2.4 million and while the sales price was kept confidential, an industry source says the center likely traded near its list price.

George Cushing, senior vice president, and Paula Foster, vice president of the retail investment group with the Houston office of Grubb & Ellis Co., represented the seller. Cushing tells GlobeSt.com he was contacted by the buyer, Greenbriar Venture Partners LP, as they were readying the asset for sale.

Nearly all of the 100% occupied center’s leases were about to rollover, explains Cushing. The seller–Schneider-Moore Properties of Houston–decided to keep the asset off the market until those leases were completed. The buyer, who owns several multifamily investments in the city, was willing to assume the leasing risk, says Cushing, so a deal was completed.

Copperfield Place is located in the 7700 Block of Texas Highway 6 and is anchored by a 6,000-sf Kinkos. The other tenants are local service providers like the Copperfield Family Dental Center, Two Mom’s Scrap & Stamp and Papa John’s Pizza.

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