Grubb & Ellis Co.'s Houston team of George Cushing, senior vice president, and Paula Foster, vice president, is marking its fifth shopping center sale in Houston in 36 months for the New York City-based REIT. Cushing tells GlobeSt.com that New Plan has been pruning "non-conforming" assets--those that aren't grocery anchored or power centers--in one-off transactions. The latest to go, Edgebrook Plaza at 10500 Gulf Freeway, is a 96%-occupied, neighborhood center with a 27,630-sf Office Depot as the anchor.
The 13-acre asset was developed in 1974, strategically positioned in a stable, working class neighborhood. Edgebrook Plaza has established tenants and income with no significant near-term lease expirations, according to Cushing.
The tenant roster also includes a 20,000-sf Value Village, Mr. 99 Cents and El Rodeo nightclub and pad sites owned by Taco Bell, Popeye's Fried Chicken, Burger King, Payless Shoes and KFC. A sixth pad site holds a vacant, 4,000-sf building previously occupied by Grandy's.
According to Cushing, the property garnered 11 offers shortly after it hit the market. He says the buyer, the Shih Chung Wang irrevocable trust, won the competition with the top bid and ability for a quick closing with all cash. The buyer turned around 1031 Exchange proceeds from a sale in California. New Plan Excel still owns more than 45 shopping centers in the Greater Houston area.
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