The local developer pushed occupancy to 80%, setting up a rosterof "mom and pop" tenants, before selling Langham Creek ShoppingCenter to a private investor from Calgary, Canada, Jerry Goldsteinwith Marcus & Millichap's Houston office tells GlobeSt.com. Theclosing price for the newly completed center nudged the$5.2-million ask, he says.

Goldstein says the off-market trade was the buyer's secondretail purchase in Houston. The center went under contract beforeit was completed, taking six months to reach the closing table, heexplains. Goldstein, who single-handedly steered the transaction,says the Canadian investor used 1031 Exchange funds from a SanDiego shopping center sale and secured a loan with a Houston bankto make the close.

The Langham Creek center takes up three acres on the northeastcorner of Hudson Oaks Drive and FM 529. It backs up to aresidential subdivision in the Copperfield market. According toGoldstein, Option One Realty planned to flip the asset as soon asit was completed, but cornered a contract while it was still inlease-up. The seller will stay in place to finish the leasing joband oversee the property, he says.