BH Properties LLC has paid $2.5 million to Guthrie Associates ofWaco for the HEB shadow-anchored center at 2300-2700 E. Waco Dr.The buyer says it plans to invest an additional $1 million intoupgrades, which will include a new roof, facade and resurfacedparking lot.

According to McLennan County tax records, the center is situatedon 7.05 acres, with 3.8 acres of abutting land. BH Properties'executive vice president and general counsel Steven Jaffeacknowledges the deal included land for extra development, but hesays there are no plans right now to expand the 93%-leasedcenter.

"We're focused on repositioning the center at this point becauseit was in dire need of some attention," Jaffe says, adding thatimprovements will take one year to complete. "The current ownersrealized that, to make this center work, it would need asignificant amount of capital and they decided not to take that on[the center's expansion]."