MG Development used affiliate MB North Junction Associates to acquire the center at 140 FM 1960 West. Anchored by a 50,000-sf PetsMart, the center was on the market about a year.
George Cushing, senior vice president in the city for Grubb & Ellis Co., tells GlobeSt.com that the first contract fell out when the buyer tried to change the terms of the deal. The second buyer, he says, couldn't raise the necessary equity for financing. When that deal collapsed, MG Development came forward and carried the deal to the closing table, taking out new debt with financing arranged by LJ Melody & Co. here.
The nine-acre North Junction Plaza, assessed at $8.2 million by Harris County, was rebuilt in 1999 after road construction at the intersection of FM 1960 and Interstate 45 took all but a 34,000-sf building. "Although the center has been around for over 20 years, it is essentially new," Cushing says.
Besides PetsMart, the 95%-occupied plaza's roster includes Golf Warehouse, West Marine, AT&T Wireless, CitiFinancial, H&R Block and Jackson Hewitt Tax Service. Wulfe & Co. of Houston is holding the leasing and management contracts for a property with three developable pad sites. Ryan West and Jason Baker will lease the asset; Taryn McFarlane will manage it.
Cushing and Paula Foster, a Grubb & Ellis associate, represented the seller, Schneider-Moore Properties of Houston, which is disposing of its local assets. In August, the group hawked the 77,467-sf Lakeside Village at 10950 Westheimer Rd. The buyer used in-house representation.
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