X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.