Situated 18 miles southwest of Houston, the Missouri City center came to market in November and attracted six offers, George Cushing, senior vice president in Houston for Grubb & Ellis Co., tells GlobeSt.com about the disposition of the 88.9%-occupied retail project at 1661 Cartwright Road.
Martin Fein Interests also is looking for buyers for a 115,000-sf, Kroger-anchored center in Rosenberg, southwest of Houston, and the 80,883-sf Westlake Shopping Center at the intersection of Fry and Saums roads in the city's far west submarket. Cushing along with Paula Foster, a Grubb & Ellis vice president in Houston, represent the seller.
The Quail Valley center, built in 1983 on 11.6 acres, is anchored by a 52,607-sf Foodarama grocery store, which is subleasing the space for the long term from Safeway, according to Foster. The center includes an 11,000-sf Walgreens, but Foster says that store will go dark in the near future when the drug store opens nearby in a brand-new building. There are two years left on Walgreens lease, she says.
Phillips Edison specializes in buying value-add opportunities. The firm owns and manages eight million sf of neighborhood shopping centers in the US. The new owner said the acquisition "represents exactly the type of opportunity Phillips Edison & Co. is looking for: an upside shopping center located in a growth-oriented market." Going forward, the plan is to lease the vacant space and upgrade the property.
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