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Off-Market Courtship Earns 34,704-SF River Oaks Deed

HOUSTON-AmREIT pockets another piece of top retail, Bakery Square, a fully leased center in the city's most affluent neighborhood. Sources say land in the area goes for $175 per sf to $200 per sf so the deal most likely pushed $7 million at the closing table.

By Bonnie Grota | Updated on July 23, 2004

HOUSTON-In an ongoing buying spree of retail properties, AmREIT has picked up another prime piece of real estate, the 34,704-sf Bakery Square Shopping Center. Informed sources say the off-market sale most likely closed at $6.5 million to $7 million.

The Houston REIT again touts the takedown as an “irreplaceable corner,” just like its other recent buys in the metro. The newest portfolio member at 1905-1919 W. Gray St. is fully leased center anchored by a Bank of America along with a freestanding, 15,130-sf Walgreens that boasts an annual sales volume pushing $9 million, according to Tenel Tayar, AmREIT’s acquisitions vice president.

The infill asset sits in River Oaks, an affluent section of the city dotted by multi-million-dollar homes. Bakery Square’s per sf rate–$27–is a good barometer of the asset’s value in the market. The tenant roster includes T-Mobile International, Blockbuster Inc. and Boston Market Corp. The weighted average remaining lease term is 4.9 years. Walgreens lease doesn’t expire until Oct. 31, 2056.

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