The locally based AmREIT Inc. acquired a fully occupied, 18,900-sf center at 920 Studemont St. in an urban infill area that is growing significantly, Rusty Tamlyn, a principal in Houston for Trammell Crow Co., tells GlobeSt.com. Located west of Downtown, the area used to house heavy industrial sites, but high-end residential product started popping up about three years ago.
According to Tamlyn, the property at the southeast corner of Studemont Street and Washington Avenue was on the market about three months and received eight offers before going under contract to AmREIT. He says MetroNational decided to sell the Memorial Heights center and Terrace Shops at 3200 Kirby Dr. so it could concentrate on its core line: malls, office buildings and senior living properties. The Terrace Shops sale will close before the month ends, Tamlyn says.
The Memorial Heights plaza's tenant roster includes Quizno's, Nationwide Insurance, Cingular and Rivendell Bar & Grill. The Walgreens freestanding store was not part of the sale.
Tamlyn and Ralph Tullier, vice president with the investment sales division in the Houston office for the Dallas-based Trammell Crow, represented MetroNational. Tenel Tayar with AmREIT handled its side of the negotiations.
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