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East Coast Buyer Pays $16M for Northwest Retail Center

HOUSTON-Hutensky Capital Partners re-enters the Texas marketplace by shelling out $15.8 million in cash for Easton Commons Plaza, a 191,739-sf retail center with an occupancy above 90%. The buyer's looking to stake more Texas claims.

By Jennifer Brenner Andrade | Updated on November 17, 2003

HOUSTON-A Connecticut real estate firm has returned to Texas after a long hiatus by paying nearly $15.8 million in cash for Easton Commons Plaza in the Copperfield area of northwest Houston.

Hutensky Capital Partners LLC of Hartford is on the lookout for more buys in the Lone State State, Veronique Longo, a Hutensky Group assistant vice president, tells GlobeSt.com. The firm marked the market re-entry with a 191,739-sf, Kroger-anchored center at 8470-8592 Highway 6. According to Longo, Hutensky was not in competition with other potential buyers for a property sold by its developer, Levcor Inc. of Houston.

The Hutensky Group specializes in the acquisition and repositioning of under-performing retail properties. But, Longo says Easton Commons is in good shape and more than 90% occupied so she’s not classifying it as “under-performing.” Some tenants are paying rents well below the market average of $13 per sf to $24 per sf so there is room to increase rents. Longo says some minor capital improvements will be made to the center, but the capital outlay will be minimal.

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