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Investors Pony Up $29M for Pair of Retail Sales

HOUSTON-High interest in the city's retail drive the sales, with one, the 119,870-sf Randall's Center El Dorado, bringing more than its $11.2-million ask. Likewise, the 180,438-sf Southway Shopping Center, priced at $18.1 million, also delivers top dollar.

By Bonnie Grota | Updated on July 13, 2004

HOUSTON-A private investor from Houston and another from California have spent about $29 million for two shopping centers in one-off transactions indicative of today’s retail sales market.

Houston El Dorado Partners Ltd. acquired the 119,870-sf Randall’s Center El Dorado at 570 El Dorado Blvd. in Clear Lake from locally based Weingarten Realty Investors. The 180,438-sf Southway Shopping Center at 8006-8230 S. Gessner Dr. passed from Southway Ventures LP of Houston to RPM Investment of Los Angeles.

George Cushing, senior vice president in Houston for Grubb & Ellis Co. explains individual investors see retail centers as a positive alternative to other forms of investment, such as the volatile stock market or the low interest rates that savings institutions offer. There is a high degree of interest in the Houston market, overall, from nationally active buyers/investors, he says.

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