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1031 Exchange Feeds 37,500-SF Retail Trade

SHENANDOAH, TX-A San Francisco investor has used 1031 Exchange capital to buy the 37,500-sf Portofino Plaza, getting a 90%-leased asset on 2.8 acres across the street from a 400,000-sf lifestyle center. The final price was close to the $8.6-million ask. The two-year-old Portofino Plaza was on the market 60 days and received multiple offers, Bradley Bailey with Marcus & Millichap's Houston office tells GlobeSt.com about the property in Shenandoah, a Woodlands neighbor north of Houston. Bailey,…

By Jennifer Brenner Andrade | Updated on October 03, 2004

SHENANDOAH, TX-A San Francisco investor has used 1031 Exchange capital to buy the 37,500-sf Portofino Plaza, getting a 90%-leased asset on 2.8 acres across the street from a 400,000-sf lifestyle center. The final price was close to the $8.6-million ask.

The two-year-old Portofino Plaza was on the market 60 days and received multiple offers, Bradley Bailey with Marcus & Millichap’s Houston office tells GlobeSt.com about the property in Shenandoah, a Woodlands neighbor north of Houston. Bailey, who along with Paul Gardner represented the Houston-based seller, Portofino Plaza LP, and developer, says the plan from the onset was to build, stabilize and sell the 19073 Interstate 45 property.

A Trammell Crow Co. team in Houston will lease and manage Portofino Plaza, which has a quoted rent of $22 per sf. Its tenant roster includes Car Toys, Dark Tan, Murphy’s Deli and CitiFinancial. It sits in a neighborhood with top-draw retailers like Home Depot, Sam’s Club, Old Navy, PetsMart and Conn’s Appliances.

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