The center at 1591 East Highway 6 in the suburb of Alvin was sold by the developer, Alvin 356 Ventures LP, to DMC Enterprises II Ltd. David M. Butler with Colliers International's Houston office, tells GlobeSt.com that the center was on the market about 60 days for $2.5 million. He says the listing garnered five to 10 offers, but took another four months to close because the sale involved the assumption of a $1.2-million loan from GPM Life Government Personnel Mutual Life Insurance Co. in San Antonio. Besides the loan, the buyer turned around 1031 Exchange funds to close the deal for a 2.3-acre property developed in 2001, across the street from a Wal-Mart Supercenter.

Butler says the center is 84% occupied to tenants like Dollar Tree, Subway, Stewart Title and Payless Shoes on a staggered rent roll. Besides Butler, Colliers' Martin O'Malley brokered for the seller with Colin Fox of Colin Fox & Associates in Houston sitting across the bargaining table for the buy side.