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Third Try Closes 107,685-SF Retail Sale

HOUSTON-In a twice-failed sale, North Junction Plaza has finally traded to a California investment group that did what others could not. The 95%-leased center, rebuilt four years ago, was tagged for sale at $11.4 million.

By Jennifer Brenner Andrade | Updated on December 17, 2003

HOUSTON-The 107,685-sf North Junction Plaza, marketed at $11.4 million, has sold to a Woodland Hills, CA investment group that picked up the deal after two other contracts fell out.

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.

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