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WEBSTER, TX-A private investor from Houston has paid $2.5 million for Webster Square, a 60,000-sf retail and office center along West NASA Road. The seller was Gaumnitz Inc. of Hong Kong.
"The buyer liked the upside and the size of the property," says TB Chadwick III of Sperry Van Ness, who represented Gaumnitz in the sale of 524 W. NASA Rd. "It's a big property and the way it's set up allows for flexibility with the type of tenants."
Built in 1984, the class B building is situated on nearly six acres. The 60%-empty center currently houses Enterprise Rent-a-Car, Peking Duck Restaurant, SAIC and PRN Medical Supply.
Chadwick tells GlobeSt.com that Webster Square received 10 offers during its seven weeks on the market. "The amount of interest just goes to show you that there's a property for everyone," he says.
The new buyer plans to invest an undetermined amount of capital into Webster Square to reposition the property, according to Chadwick. "The Clear Lake Regional Medical Center is nearby and it's is acting as a catalyst for many properties around it to berepositioned," he says. "The area near Webster Square had a lot of growth in the 1980s, but stagnated in the '90s. Now it's just picking up again because of the medical and healthcare presence."
According to Chadwick, Gaumnitz acquired the center when it was almost brand new. At first, the center housed NASA subcontractors in office space. As NASA toned down its presence over the years, the center lost some tenants and Gaumnitz tried to backfill with more retailers. Elisa Blais of Houston-based Realty Executives represented the buyer, who put new financing on the center through American First National Bank.
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