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1031 Exchange Backs $2.1M Retail Deal

HOUSTON-The Portland, OR investor goes up against six others for the fully occupied, 10,132-sf center with Northwest Freeway frontage and Home Depot as a neighbor. The Peterson Group developed the center two years ago.

By Jennifer Brenner Andrade | Updated on August 18, 2003

HOUSTON-A private investor from Portland, OR has paid close to the ticket price of $2.1 million for a 10,132-sf strip center in the city’s northwest corridor.

Brad Bailey in the local office of Marcus & Millichap tells GlobeSt.com that the 14095 Northwest Freeway property was on the market for 42 days and received seven offers before going under contract to the buyer. The locally based Peterson Group Inc. was the seller of the two-year-old center, developed two years ago as shadow retail to a Home Depot.

The asset, which sits on a 34,000-sf tract, figures prominently into the Northwest Freeway frontage scene, given its size. The center is part of a bustling retail corridor that has sprung up in recent years along Northwest Freeway. According to Bailey, the shopping center’s freeway positioning and its big box neighbor were the main selling points.

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