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CONROE, TX-Wellington Development of Houston has sold the10,920-sf Conroe Shopping Center for close to $3 million. The buyeris an investment group headed up by Michael Jenkins of Vancouver,WA.
"Wellington Development built the center with the intent to sellit," says George Cushing, a senior vice president with Grubb &Ellis Co.'s Houston office, who represented Wellington Developmentalong with vice president Paula Foster. The recently completedcenter is 100% leased to national credit tenants, including DarqueTan, Sprint, Pizza Hut, EB Games, Cash America and PhillyConnection. It has a strong income stream with rents in the low $20per sf range, Cushing says.
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