California Buyer Picks Up 36,721-SF Long Point Shopping Center

HOUSTON-A Houston-based joint venture has disposed of the 36,721-sf Long Point Shopping Center to a first time area buyer from Sherman Oaks, CA. The 1984-built property, shadow-anchored by a 45,000-sf Wal-Mart Neighborhood Grocery store, is situated on 3.6 acres. The property is located at 7902 Long Point Rd., at the intersection of Long Point and Wirt Rds.According to Jerry Goldstein, senior director national retail group, Marcus & Millichap Investment Real Estate Brokerage Co.’s Houston office, the property was listed at $8.2 million with a cap rate of 7.14% on the asking price.”There were several new leases signed before the sales contract was signed,” says Goldstein, who represented the seller, KNA Partners of Houston. Marcus & Millichap’s Los Angeles office represented the buyer in the transaction.”Two of the tenants are opening shortly,” says Goldstein. “Another is a restaurant, scheduled to open within 90 days of the sale closing,” he adds.Current tenants include regional and national retail concerns such as Wireless Toyz, Ace Cash Express, Bayou City Wings, Fred Loya Insurance and a handful of medical professional tenants.Goldstein tells GlobeSt.com that the property had attracted three offers, but the California entity was competitive when it came to the pricing offer.The seller, meanwhile, had done a great deal of redevelopment in the area, with Long Point the third and final piece of property to be sold.”The developer bought an old, run-down shopping center, redeveloped it, and sold a portion to the Post Office, then Wal-Mart, for the grocery store,” Goldstein says. “The Long Point sale was the completion of all the work he did to buy the old property and get everything straight with it.