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75,223-SF Center Reels In About $6M

HOUSTON-The nearly full Gulfbrook Plaza sells at a 10% cap rate with a 23-tenant roster that includes a newly signed five-year lease as a deal sweetener. With 1031 Exchange funds in hand, the Houston seller is now looking for a replacement property.

By Jennifer Brenner Andrade | Updated on March 29, 2004

HOUSTON-A private investment group from Houston has paid just south of $6 million for the 75,223-sf Gulfbrook Plaza at 10703 Gulf Freeway in southeast Houston.

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.

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