Quiet Trade Picks Up $5M for 36,000-SF Center

HOUSTON-Option One Realty, retaining the reins as property manager and leasing agent, has collected about $5.2 million for a 36,000-sf shopping center in the northwest submarket.

The local developer pushed occupancy to 80%, setting up a roster of “mom and pop” tenants, before selling Langham Creek Shopping Center to a private investor from Calgary, Canada, Jerry Goldstein with Marcus & Millichap’s Houston office tells GlobeSt.com. The closing price for the newly completed center nudged the $5.2-million ask, he says.

Goldstein says the off-market trade was the buyer’s second retail purchase in Houston. The center went under contract before it was completed, taking six months to reach the closing table, he explains. Goldstein, who single-handedly steered the transaction, says the Canadian investor used 1031 Exchange funds from a San Diego shopping center sale and secured a loan with a Houston bank to make the close.