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New Plan Excel Sheds Houston Retail Center

HOUSTON-The 100,170-sf Edgebrook Plaza brings close to the $6.2-million asking price from a first time Houston buyer, who's turning around proceeds from a 1031 Exchange in California and a seller making a one-off disposition.

By Jennifer Brenner Andrade | Updated on April 14, 2004

HOUSTON-New Plan Excel Realty Trust has sold the 100,170-sf Edgebrook Plaza in southeast Houston for close to the $6.2-million asking price to a first time local buyer, a California trust with 1031 Exchange capital to spend.

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.

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