The fully occupied center at 5855 Fairmont Parkway garnered 10 offers within a one-month marketing period, Ralph Tullier, vice president in Houston for Trammell Crow Co., tells GlobeSt.com. The winner was Lehman Ventures from the Bay Area in northern California, which had the deal in escrow nearly two months.
A Trammell Crow partnership, Fairway Centre Associates LP, was the seller of record for a just-delivered, 3.7-acre project with nine tenants and an 8% cap rate Tullier, who marketed the listing along with TCC principal Rusty Tamlyn, says all tenants are signed to long-term leases with five years to go before the first pact rolls. The roster includes Smoothie King, Buffalo Wild Wings and Panera Bread.
Tullier says the center has a foothold in a high-traffic, strong-demand pocket featuring Target and Kohl's. "Retailers are willing to pay to be there," he says.
Chris Peters of the San Francisco office of Marcus & Millichap represented the Lehman Ventures, which placed new debt for the acquisition.
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