(For more retail coverage, click GlobeSt.com/RETAIL.)

HOUSTON-A local developer has sold the 89,949-sf Cypresswood Commons Shopping Center to a Florida corporation. The fully leased center, listed for $19.5 million, attracted five offers during the four-month marketing process.

Samco Properties Inc. of Deerfield, FL ended up with center at 20075 N. Freeway from Gulf Coast Commercial Group Inc. because of familiarity with the area and responsiveness, according to George Cushing, senior vice president for Grubb & Ellis Co. in Houston. “They came to see the property and immediately seemed like the right buyer,” the seller’s broker says. The deal closed with a $15-million loan assumption. The financing has a 6.1% fixed-rate interest.

Cushing tells GlobeSt.com that most leases are long term with only one tenant, American Mattress Inc., which has 3,500 sf, planning to vacate its spot in the center. The center’s anchors are LA Fitness Sports Clubs, which fills 45,000 sf, and Office Depot in 23,625 sf. Other tenants are Pearle Vision Inc., Pizza Hut Inc., Nationwide Life Insurance Co. and Murphy’s Deli. The sale included two ground-leased pads with a 5,457-sf Denny’s and 2,447-sf Popeye’s restaurants.

The center, built in 2000-02, sits on 8.8 acres midway between the Woodlands, with 20.7 million sf of commercial space, and Greenspoint, with 17.7 million sf of commercial real estate. Within a three-mile radius, the average annual income is $93,023.

Cushing says Cypresswood Commons is an ideal investment because it is surrounded by residential development and has a hard-corner positioning at Interstate 45 and Cypresswood Drive in the far north submarket. It’s also within 20 miles of the Houston CBD. “This was a good, steady income deal,” Cushing says. “It’s in a good all-around area with good residential, good commercial and great access.”

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

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

Get More Information


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 © 2024 ALM Global, LLC. All Rights Reserved.