The 14-year-old center at 3321 Palmer Highway was sold by its developer, Jim R. Smith Co. of Houston. The two-building center has three tenants: Walgreens in a 12,000-sf building and Hollywood Video and Dr. DC Bright sharing the other. The video store takes up 5,325 sf and the local optometrist's office is 1,500 sf. George Cushing, senior vice president in Houston for Grubb & Ellis Co., tells GlobeSt.com that the tenants are all on long-term leases, none of which will expire for at least five years.

Cushing, who along with Paula Foster with Grubb & Ellis represented the seller, says the asset was on the market eight months for $2.8 million and received seven offers. He says buyer PC Improvement, spending 1031 Exchange proceeds, won the nod because its offer met the pricing requirement along with the ability to get the deal closed. Gus Lagos, a vice president with Grubb & Ellis, represented the buyer. The seller, Cushing says, is culling smaller properties from his portfolio to concentrate efforts on its central Houston retail properties.