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HOUSTON-The 100,282-sf Renaissance Center has found a buyer after two previous contracts fell out, trading for close to the $10.4-million ask to a local institutional investor. The shopping center, situated on the city’s South Side, was 94% leased at sale time.

Located at 6102 Scott St. on a 9.6-acre tract, Renaissance Center is anchored by an H-E-B grocery store. Paul Gardner, a senior associate in Houston for Marcus & Millichap Real Estate Investment Services, says the center originally had 60,586 sf when it was built in the 1960s. The 32,646-sf H-E-B and additional pad space were developed in 1996 says Gardner, who brokered the transaction between the buyer and the local seller. The seller did everything in 1996 when they bought the center. They added H-E-B, a Rent-A-Center pad and Taco Bell pad, then went back and redid the remainder of the inline space,” he tells GlobeSt.com.

Gardner says the seller decided to sell the asset because of timing and a desire to move onto other opportunities. He says two previous contracts fell out before the buyer showed up to finally close on it. “In the previous cases, the entities used investors that didn’t materialize,” he says. “The current buyer is a large institutional buyer, who brought good experience, great market knowledge and a reputation of closing. It’s a great company.”

Gardner says there are no plans to upgrade Renaissance Center, which will be managed by the new owner. The tenant roster includes First National Bank of Texas, Frenchy’s Chicken and PNP Communications.

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