The 84%-leased center is located at 1113 Kingwood Dr. in the15,000-acre, master-planned development of Kingwood. It is anchoredby Sears and SteinMart.

The Miller entity invested 10% of the required equity capital.AEW Value Investors invested the balance of the acquisitioncapital. HSM Equity Partners Inc. will be the operating partner ofthe center, with the Houston brokerage office in charge of leasingand management. Bruce Jester and Johnnie Roberts, both in Henry S.Miller Commercial's Houston office, represented the firm in thetransaction. Mark Witcher of Houston-based Weingarten RealtyInvestors represented the seller.

Terry Gwin, president of HSM Equity Partners, says his firm willcontinue to "look for product that makes sense." Gwin is bullish onHouston and sees it continuing to attract a lot of investmentinterest because of Texas' pro-business climate in general and theaffordability of the city of Houston in particular. "We're creatingjobs again," he says. With development costs rising, especiallywith concrete and steel prices, Gwin sees well-located centers suchas Kingwood continuing to attract the eye of investors.