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HOUSTON-Local developer NewQuest Properties has sold its portfolio, with more than 1.8 million sf, to an affiliate of Inland American Real Estate Trust Inc. for $442 million. The terms of the 36-property sale keeps NewQuest in place to lease and manage the assets.

The duo closed the first round five days ago. The balance of the portfolio will roll in the coming weeks, the Oak Brook, IL-based Inland said in this morning’s press release. Additional details will be forthcoming about the deal.

Inland’s also tapped NewQuest to lease its other retail assets in the Greater Houston area, properties bought via the Inland Western Retail REIT Inc. Inland American Retail Management LLC will oversee the holdings. The bulk of NewQuest’s portfolio is situated in Greater Houston, but it also owns developments in Corpus Christi and Sherman, TX and Springfield, MO.

In today’s release, Matt Tice, who represented Inland in the NewQuest deal, says there is more than 5.8 million under contract in Texas. Dennis Holland was Inland’s legal counsel for the portfolio acquisition. “As is most often the case with acquisitions identified by Inland Real Estate Acquisitions, we selected these properties because we like them the way they are, and I do not expect major changes,” Tice said.

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