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CONROE, TX-Wellington Development of Houston has sold the 10,920-sf Conroe Shopping Center for close to $3 million. The buyer is an investment group headed up by Michael Jenkins of Vancouver, WA.
"Wellington Development built the center with the intent to sell it," says George Cushing, a senior vice president with Grubb & Ellis Co.'s Houston office, who represented Wellington Development along with vice president Paula Foster. The recently completed center is 100% leased to national credit tenants, including Darque Tan, Sprint, Pizza Hut, EB Games, Cash America and Philly Connection. It has a strong income stream with rents in the low $20 per sf range, Cushing says.
Conroe Shopping Center is located at the intersection of Interstate 45 and Loop 366. It situated on a the one-acre site of a former Shell service station at the same intersection as Kroger Signature, Academy Sports, Sam's Club and Wal-Mart.
Cushing tells GlobeSt.com that the marketing period for Conroe Shopping Center was very brief because an "acceptable offer" came in very quickly from Jenkins, who is not only a member of the investment group, but also the group's broker. He and another agent, Trevor Sosky, both with Coldwell Banker Commercial in Vancouver, brokered the deal. The buyer got a new loan for the asset to replace Wellington Development's construction loan, according to Cushing.
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