(For more retail coverage, click GlobeSt.com/RETAIL.)
FRIENDSWOOD, TX-A strong market and two long-term triple-netleases with national tenants encouraged a San Pedro, CA investor toacquire an 11,060-sf retail building for $4.77 million or $431 persf. The deal closed at a 6.5% cap rate.
The two-tenant building, built three years ago at 19222 GulfFreeway, sits on out-parcel of the 1.1-million-sf Baybrook Mall.The deal marks the first Houston investment for buyer of record,Rich/Alpine LLC.
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