The 10-year loan from Column Financial of New York Cityamortizes over 30 years at a sub-5.4% fixed-rate interest, CortneyR. Cole, associate director in Houston for Holliday Fenoglio FowlerLP, tells GlobeSt.com. She says borrower Hinds Banner LLC ofHouston used the funding to retire short-term acquisition financingfor the 117 Highway 332 property. The refinance cleared with a 70%loan-to-value ratio.

The nine-year-old center is 95% leased to Petco, BlockbusterVideo, Hollywood Nails, Advance America, RadioShack, Hertz and UPS.The center's rents average $15 per sf, with some leases pushing $18per sf, versus a $10 per sf to $12 per sf for nearby competitors."Lake Jackson is one of the newest developments in the area, iswell occupied, and sets the upper range in terms of rental rates inthe neighborhood," she says in a press release.