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Kingwood Center Sells for $17M

HOUSTON-As development costs continue to rise, investors see existing, well located retail projects as prizes for their portfolios. HSM Equity Partners and AEW team to buy a 151,000-sf shopping center in a master-planned community.

By Bonnie Grota | Updated on July 14, 2004

HOUSTON-A Texas limited partnership between HSM Equity Partners Inc., a division of the Henry S. Miller Cos. in Dallas, and Boston-based AEW Value Investors LP, a value-add fund managed by AEW Capital Management, has acquired the 151,000-sf Kingwood Shopping Center from Weingarten Realty Investors for $16.5 million.

The 84%-leased center is located at 1113 Kingwood Dr. in the 15,000-acre, master-planned development of Kingwood. It is anchored by Sears and SteinMart.

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