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HOUSTON-The local estate of a deceased developer has sold the 35,458-sf Kroger Center Cypresswood Shopping Center, the final piece of a three-retail property portfolio, to a Denver-based investment group for close to the $8.15-million list.

The nine-year-old center, located at the intersection of Cypresswood Drive and Texas 249, was 89% leased at sale time. Tenants include Burger King, Willie’s Grill and Chase Bank. The 55,795-sf Kroger grocery store anchor was not part of the transaction.

“This is the second property that the buyer acquired from the estate,” says George Cushing, senior vice president of Grubb & Ellis Co.’s Houston office. He, along with Grubb & Ellis’ Paula Foster, represented the seller, Houston-based 249/Cypresswood Joint Venture, an affiliate of the Dennis Ranzau Estate.

Cushing tells GlobeSt.com that the property had been listed on the market twice and on line for 30 days during the second run before being put under contract. “We had several offers on the property both times,” he notes.

Earlier this year, the buyer, SW Cypresswood LP, which was self-represented in the deal, had acquired another property from the portfolio, the 58,279-sf H-E-B Center Bay Area Boulevard in Clear Lake. In fact, Cushing says, that’s one reason the investment group was selected over several other offers. Equally important, he says, “they were competitive in the bidding.” The portfolio’s third piece–the 25,136-sf Westlake Atascocita at West Lake Houston Parkway and FM 1960 in Humble–was sold in late 2004 to another buyer.

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