Heather Nguyen with NewQuest Properties in Houston says the dealpushed occupancy to 75% for a 150,000-sf, Kroger-anchored centerwith a tenant lineup that includes Quiznos, TGF Haircutters andsundry mom and pop shops. The NewQuest-owned neighborhood plaza,open since November 2003, has a quoted rent of $20 per sf.
The Calabasas, CA-based Countrywide had an independent broker,David Federickson of Houston, negotiating its terms. The mortgagecompany has 23 other offices in the Greater Houston region.
Cypress Town Center was the first new product to rise in sometime at the junction of Cypress North Houston and Jones Road. Therepositioned intersection, as a result, copped $108 per sf in Maywith the sale of a 36-year-old, 12,847-sf shopping center to a SanFrancisco investor.
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