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51,770-SF Shopping Center Changes Hands

HOUSTON-One local investment group passes the deed to another after an eight-year hold of Hedwig Square on the city's West Side. The 97%-occupied asset was on the market five months for $7.3 million.

By Jennifer Brenner Andrade | Updated on October 03, 2004

HOUSTON-A Houston investment group has bought the 51,770-sf Hedwig Square shopping center in West Houston. The 97%-leased center was on the market five months with a $7.3-million ask.

David Butler with the Houston office of Colliers International tells GlobeSt.com that the property at 8800 Katy Freeway received a handful of offers during the marketing period. The buyer of record, Bluebonnet Dr. LP and Katy 8800 LP, assumed a loan to take over the asset. Butler, though, is standing behind the confidentiality clause and not discussing the financials.

The seller, TA/Hedwig Square Ltd., another local investment group, acquired the property in 1996 and extensively rehabbed it, Butler says. The lead tenant is Memorial Clinical Association, which occupies 20,000 sf or the entire second floor. Butler says the lease roll is stable.

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