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GlobeSt.com EXCLUSIVE: Portfolio Sale Nets About $5M

HOUSTON-A local private investor has acquired eight retail properties from AmREIT, picking up a package of mainly of small, single-tenant buildings leased to national names like La Petite Academy, Goodyear Tire Co. and Whataburger.

By Jennifer Brenner Andrade | Updated on April 19, 2004

HOUSTON-The locally based AmREIT has sold an eight-property, retail portfolio to a private investor in its homeport.

The portfolio of single-tenant buildings in Houston and Dallas/Fort Worth came to market in November 2003. An AmREIT contact has confirmed that the 39,886-sf package brought slightly less than the $5-million asking price. The deeds turned at a 9% cap rate.

The AmREIT spokeswoman says the portfolio was owned by a retail partnership fund with a defined hold period. “It was time to wrap it up,” she says of the motivation to close out the fund’s assets.

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