Heather Nguyen with NewQuest Properties in Houston says the deal pushed occupancy to 75% for a 150,000-sf, Kroger-anchored center with a tenant lineup that includes Quiznos, TGF Haircutters and sundry mom and pop shops. The NewQuest-owned neighborhood plaza, open since November 2003, has a quoted rent of $20 per sf.
The Calabasas, CA-based Countrywide had an independent broker, David Federickson of Houston, negotiating its terms. The mortgage company has 23 other offices in the Greater Houston region.
Cypress Town Center was the first new product to rise in some time at the junction of Cypress North Houston and Jones Road. The repositioned intersection, as a result, copped $108 per sf in May with the sale of a 36-year-old, 12,847-sf shopping center to a San Francisco investor.
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