Gulfbrook Plaza, which sold at a 10% cap rate, was nearly 100% occupied at closing, Jerry D. Goldstein with the Houston office of Marcus & Millichap tells GlobeSt.com. Seller Gulfbrook Plaza Ltd., a locally based private investment group, developed the property in phases in 1981 and 1984. He says the seller is planning to complete a 1031 Exchange with the proceeds and is now looking for a retail replacement property.
Goldstein says Gulfbrook Plaza was on the market nine months for $5.9 million or $79 per sf. He says the center received eight offers and fell out of contract once before the buyer, GBP Partners Ltd., closed the deal with a conduit loan. The Harris County Appraisal District assesses Gulf Brook Plaza at $3.4 million.
Gulfbrook Plaza, situated on 5.7 acres, is situated in a flourishing retail area. "This part of the Gulf Freeway has more shopping appeal because it is close to the Beltway system," Goldstein assesses of a property about five miles north of the southeastern edge of Beltway 8 and close to Almeda Mall.
Two of the center's 23 tenants have been on the roster more than 15 years. Figure World, a health club that opened its doors in 1981, renewed its lease for 8,559 sf for another five years to help sweeten the deal before the closing, Goldstein says. Fifteen-year tenant Affordable Furniture controls the largest spot, 11,413 sf, with a medium-term lease. Leases run, on the average, three to five years, he says.
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