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MetroNational Gets $5M for Retail Plaza

HOUSTON-The first of two shopping center closings puts the deed to the 18,900-sf Shops at Memorial Heights into AmREIT's hands. The second trade, Terrace Shops, will close before the month ends.

By Jennifer Brenner Andrade | Updated on December 09, 2003

HOUSTON-MetroNational Corp., the locally based owner of Memorial City Mall, has sold the Shops at Memorial Heights, getting about $4.9 million for the first of two shopping centers that it has up for sale.

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.

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