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HOUSTON-Clay Hills Plaza, a 157,397-sf shopping center at the intersection of Texas 6 and Clay Road, has been acquired by 16211 Highway 6 Ltd., a Houston-based partnership. The 20-year old center is 50% vacant, having lost its movie theater anchor several years ago.
Clay Hills Plaza is one of nine centers that the seller, 9 SC Associates Ltd. of Dallas, owns in Texas, The Dallas-based affiliates Weitzman Group and Cencor Realty Services lease and manage the asset, respectively.
Similar shopping centers have traded for $30 per sf to $45 per sf, according to David Stukalin, president of the Houston office of the Weitzman Group, who handled negotiations for the seller. "The owners felt it was the right time to sell because of market conditions," he tells GlobeSt.com, "and the partnership is ready to go in a different direction."
The center, situated on 12.9 acres, houses a mix of retailers and restaurants, including Blockbuster Video, Firestone, Aaron's Rents and Subway. According to Stukalin, the new owner, represented by Randall Fertitta of Houston-based Randall S. Fertitta Investments, most likely has a few end-users in mind and views the acquisition as a value-add opportunity.
Stukalin says the center is located in the Bear Creek submarket, which is slowly losing retailers to other areas. "Retail is moving north, away from (the center)," he says.
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