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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.”

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