Buyer MG Capital LLC got a class A, three-acre stake in a 43-acre, 1.5-million-sf regional center at the intersection of Texas 6 and US Highway 59. Developer Sugarland Properties Inc. sold a nine-tenant building that was marketed to just a select group of would-be buyers, says Vaughan Ford in the Houston office of Henry S. Miller Commercial.
Ford, the buyer's broker, says the transaction closed within 30 days of placing the contract. To close the deal, the buyer secured fixed-rate, permanent financing from Wells Fargo Bank.
Gardiner Garrison, who owns MG Capital along with Scott Mueller, tells GlobeSt.com that the building with a high-profile tenant roster and good cash flow caught their eye because it is part of a controlled environment. He says they looked in midtown, downtown and elsewhere in Houston, but couldn't find the combination of controlled development and new construction like it did at the $70-million Town Center Lakeside project.
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