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COLLEGE STATION, TX-Weingarten Realty Investors has sold the 156,520-sf Parkway Square to a Beverly Hills, CA investor. The shopping center, attracting 22 offers, was on the market for $13.7 million.
Parkway Square is located at 2408A Texas Ave. S. in College Station. According to the Brazos County Appraisal District, the center is assessed at slightly more than $3.3 million.
"The buyer has owned an apartment project in the College Station market for over 30 years so they're familiar with the market," says George Cushing, a senior vice president with Grubb & Ellis Co. He and Grubb & Ellis vice president Paula Foster represented the Houston-based REIT in the transaction, which closed at close to the asking price. The buyer of record is FSC/Parkway Associates Ltd.
Cushing tells GlobeSt.com that Parkway Square received 22 offers within the first 30 days of its exposure on the market. "Interest in the College Station market was very strong," he says. "Some secondary cities seem to get less interest, but it didn't seem to be a hindrance in this case at all." He explains College Station's economy is somewhat insulated because of the presence of Texas A&M University.
Situated on 5.4 acres, Parkway Square is 99% leased to national and regional tenants. The center is anchored by a 46,455-sf Kroger, which has been a tenant at the center since it opened in 1982. Cushing says Kroger recently renewed its lease until 2012. Other anchor tenants include Stein Mart, King Dollar, Harbor Freight Tools, Half Price Books and Super Buffet Chinese Restaurant.
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