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Shopping Center Sale Nudges $3M

BELLAIRE, TX-The 24,000-sf Bissonnet trades to a group of Houston investors, who beat the $2.5-million ask to outdistance eight others chasing the deal for its upside in vacancy and an average rent 5% to10% below the market.

By Jennifer Brenner Andrade | Updated on April 27, 2004

BELLAIRE, TX-A group of Houston investors best the $2.5-million asking price to win title to the 24,000-sf Bissonnet, a suburban retail plaza southwest of Houston.

The 85%-leased asset at 4803-4815 Bissonnet St. in Bellaire was on the market four weeks before going under contract to one of the nine offers on the table, Brad Bailey in the Houston office of Marcus & Millichap tells GlobeSt.com.

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