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Retail Disposition Lops Off One, Two to Go

MISSOURI CITY, TX-Martin Fein Interests sells the 117,779-sf Quail Valley to Phillips Edison, a value-add buyer who got a 20-year-old asset with a grocery anchor tied to a sublease. Still to sell are properties in Rosenberg and far west Houston.

By Jennifer Brenner Andrade | Updated on April 02, 2004

MISSOURI CITY, TX-Martin Fein Interests of Houston has sold the first of three shopping centers on the market in South Texas to Phillips Edison & Co. of Baltimore. The asking price for the 117,779-sf Quail Valley center was $7.3 million.

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.

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