Thank you for sharing!

Your article was successfully shared with the contacts you provided.

THE WOODLANDS, TX-A tenants-in-common buyer from Southern California has outmaneuvered several other investors jockeying for the 70,277-sf College Park Plaza. The 95%-leased center has traded for slightly less than the $19.5-million ask.

College Park Plaza, positioned on 9.1 acres at 3081-95 College Park Drive, was on the market about 20 days, with American Investment Exchange LLC of Paso Robles, CA offering one of the highest bids and surefire ability to close. Vaughn Miller, president of the retail division for Dallas-based Henry S. Miller Commercial, tells GlobeSt.com that the particularly attractive part of the deal is most leases have escalation clauses. His firm’s affiliate, HSM Equity Partners, is the sponsor of the selling partnership.

“This presented a great opportunity for TIC investors to see a potential upside in it,” Miller says. Another plus is the shopping center is situated in a barrier-to-entry market. The Woodlands is a strictly regulated community when it comes to development, so another similar center isn’t too likely to pop up nearby anytime soon, he says.

Miller tells GlobeSt.com that HSM Equity bought College Park Plaza shortly after its completion in 2005. “They held onto it for only two years and then the partners decided it was time to sell,” he says. The center’s tenant base consists of local shop owners, professional services and some nationals, including Pizza Hut.

Miller points out the location, parking and fundamentals are strong points, which is why he wasn’t surprised that the center was under contract less than one month after its debut on the market. “It’s a capable property in the Woodlands, one of the fastest-growing suburbs of Houston,” he says. “The property had all the quality fundamentals in a strip center, including good visibility, excellent parking, easy access and quality material.”

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?

Dig Deeper


GlobeSt. NET LEASE Fall 2021Event

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.