(For more retail coverage, click GlobeSt.com/RETAIL.)
HOUSTON-A local developer has sold the 89,949-sf CypresswoodCommons Shopping Center to a Florida corporation. The fully leasedcenter, listed for $19.5 million, attracted five offers during thefour-month marketing process.
Samco Properties Inc. of Deerfield, FL ended up with center at20075 N. Freeway from Gulf Coast Commercial Group Inc. because offamiliarity with the area and responsiveness, according to GeorgeCushing, senior vice president for Grubb & Ellis Co. inHouston. "They came to see the property and immediately seemed likethe right buyer," the seller's broker says. The deal closed with a$15-million loan assumption. The financing has a 6.1% fixed-rateinterest.
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