"It went so fast, it was incredible," Jerry D. Goldstein with the Houston office of Marcus & Millichap tells GlobeSt.com about the trade of 12,847-sf Jones Road Center at 12303 Jones Road. He says demand for 1970s and 1980s-era product has reached a 25-year high as sellers command and get more than $100 per sf. He says the metro's older properties "haven't traded at that price since they were new."

The seller is Jones Road Center Ltd., a Houston-based investment group, which is dissolving the partnership in a plan by several principals to apply their proceeds to retirement, according to Goldstein. The group bought the shopping center in 1992.

Goldstein says the new owner has three years before any leases roll. The center, filled by mostly longtime tenants, is anchored by a 4,000-sf First American Title office while the second-largest space tenant is Nash Printing in 2,400 sf. The roster also includes Seattle Coffee, Jones Road Chiropractic, Bark's Fifth Avenue, Animal Medical Center Northwest and RYA Insurance. The new owner has hired Westco Management of Houston to lease and manage the holding.