The buyer turned around 1031 Exchange capital and placed new debt to take over the 80%-leased asset at 9111 Jensen Drive on the north side of the city, Gus Lagos with Grubb & Ellis Co.'s Houston office tells GlobeSt.com. The principals behind the buying partnership, 9111 Jensen LLC, own about 40 shopping centers nationwide in a mixed ownership lineage.
The center's anchor, Pep Boys, has one year left on its lease for 20% of the retail space. Lagos says the decision's still out as to whether there will be a renewal. The roster also includes Jensen Bazaar and Chon's Trading. Lagos says the new owners will undertake $150,000 of improvements in the next six months.
Mark McGinley with Tarantino Properties in Houston represented the seller, Jensen Center Ltd./Spigel Properties Inc. of San Antonio. The five-acre development is assessed at $1.9 million by Harris County Appraisal District.
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