Placing new debt to make the close, JPH Associates LLC acquired the Atascocita Del Norte at 7113 FM 1960 East in North Houston from Reprise Ltd., which developed the property 30 years ago. Bill Lovejoy, first vice president in Houston for CB Richard Ellis Inc., tells GlobeSt.com that he took the deal to the pad site owner as soon as he got the listing from the Houston developer who was looking to sell to "take advantage of the robust retail investment market."

The buyer, who has Taco Bell ground leased to the pad site, jumped at the chance to buy 33,000 sf of inline space beside a 40,566-sf 99 Cents Only store. In the past year, the center's occupancy went from 75% to 100% due to the Los Angeles-based 99 Cents Only buying the anchor spot and part of the parking lot from grocer H-E-B after its relocation to nearby larger format store. Atascocita's inline roster include CiCi's Pizza, Farmers Insurance, dentist, chiropractor and the Sports Institute of Physical Therapy. Lovejoy says CiCi's Pizza re-upped a 3,000-sf lease just recently while the rest of the roster is ties to three- to five-year leases. The going rent averages about $10 per sf. Harris County Appraisal District assesses JPH Associates' new acquisition at $1.7 million.