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115,980-SF Retail Plaza Brings About $6M

HOUSTON-The 30-year-old Forest West passes from one local owner to another as the seller lets go of the final asset in a nine-property portfolio bought in the early 1990s. The new owner, who stepped in after a contract fell out, plans to hike rent as leases roll.

By Jennifer Brenner Andrade | Updated on December 08, 2003

HOUSTON-A local private investment group has sold the final piece to a nine-property retail portfolio, collecting about $5.9 million and ending a 10-year hold.

The sold property is the 115,980-sf Forest West, situated at the northwest corner of Antoine and Pinemont drives in the city’s northwest quadrant. Jerry D. Goldstein in the local office of Marcus & Millichap tells GlobeSt.com that the seller, Forest West Ltd., has been liquidating properties in an organized fashion for seven years.

In 2002, the 30-year-old Forest West at 5325 Antoine Dr. underwent an expansion that added a 50,000-sf grocery spot that’s now leased for 20 years to independent grocer, Food Town. Goldstein says Forest West garnered more than five offers in the six months it was on the market. When one contract fell out, the broker turned to the private investment group, Happy Village LLC, which stepped up and made the close with financing arranged through Washington Mutual by BMC Mortgage Co.

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