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HOUSTON-Wes Walters Realty of Austin has purchased Commerce Park North, a 131,702-sf shopping center in North Houston.

The sale included the 90%-leased center at 15757 North Freeway and another 2.3 acres for future development, Amir Moazami of Wes Walters Realty tells GlobeSt.com. Anchored by a 28,000-sf AMC Theater and a Bel Furniture store, the 11.9-acre asset is assessed at $3.2 million by the Harris County Appraisal District.

Moazami says the extra land could end up as “retail, storage or service center” space or even built out for more parking for the theater. AMC’s lease is set to roll in the next 18 months, but Moazami says he’s already talking to possible replacements in case AMC doesn’t renew. He says the other leases are comfortably staggered.

Wes Walters Realty, which buys and sells with 1031 Exchange capital from an investors’ pool, will put $250,000 into sprucing up the center, including a new roof. Moazami says Commerce Park North sold for “better than a 10% cap on existing income.” The center’s space is quoted at $8 per sf to $10 per sf triple net. The acquisition, funded in part with a Bank One loan, is planned as a two- to four-year hold, according to Moazami.

M. Bruce Jester and Johnnie D. Roberts, both in the Houston office of Dallas-based Henry S. Miller Commercial, represented the seller, CPN Partners LP of Brooklyn, NY.

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