Search
 

West Coast Investors Drop $5M for Retail Center

HUMBLE, TX-JMS Properties makes its first mark in the Houston metro with the $4.5-million acquisition of Humble Shopping Center, a 19,500-sf property shadow anchored by Target. The deal closes with a 10-year term and sub-6% fixed-rate interest.

By Jennifer D. Duell | Updated on October 28, 2004

For more retail coverage, click GlobeSt.com/RETAIL.

HUMBLE, TX-JMS Properties, an investment group based in Washington, has purchased the 19,500-sf Humble Shopping Center for $4.5 million from its developer.

The investment group closed the deal for 20845 US Highway 59 North, with low-leverage loan of $1.5 million, just 30% loan-to value, from JPMorgan Mortgage Capital, says Tucker Knight, an associate director with Holliday Fenoglio Fowler LP’s Houston office who arranged the a 10-year loan at a fixed rate of sub-6% and 30-year amortization.”Lenders love low-leverage deals…pretty much everybody was interested in doing this deal, but we chose JPMorgan because they are really aggressive on retail and offer a very easy process,” Knight says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.