The new owner, BH Properties, will attempt to find a single user for an 80,000-sf box once leased to Kmart. If that doesn't work, then the plan is to divvy the anchor space for multi-tenant use, Steve Bristol, senior investment adviser with Sperry Van Ness in Orem, UT, tells GlobeSt.com about a transaction that closed within 30 days.
Bristol says the 5607 Uvalde Rd. property, though never officially listed on the market, sold for $200,000 less than the asking price. He says there was competition at the negotiating table, but he believes his client's offer for a quick close--with cash--was the decision-maker for the nine-year owner, Choice Group in Houston. He says BH Properties will spend at least $1 million to ready the asset for repositioning.
The center's decline started in 2001 when the locally based Weiner's shuttered a 16,500-sf store. Two years later, Kmart went dark. The center still has an 8,000-sf Family Dollar, 2,800-sf Payless Shoes and 4,727 sf filled by a local government office, hair salon and nail salon.
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