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HOUSTON, TX-An investor from Carlsbad, CA has made its first acquisition in the Bayou City by purchasing Westlake Atascocita, a three-building shopping center totaling 25,136 sf.
Brookwood-Mountain View Apartments LLC purchased Westlake Atascocita as part of a 1031 Exchange. The trio of buildings, part of an 81,308-sf neighborhood center at West Lake Houston Parkway and FM 1960, sold for close to the $3.9-million list price, says George Cushing, senior vice president of Grubb & Ellis Co. who represented the seller, Westlake Plaza LP, an affiliate of the Dennis Ranzau Estate led by Amanda Martin Brock. Cushing was assisted by Grubb & Ellis' vice president Paula Foster.
Cushing tells GlobeSt.com that Westlake Atascocita received eight offers. "Investors loved the location--the center is located at a principal retail intersection at the southern entrance to Kingwood," he explains.
The center includes a 15,000-sf freestanding building with nine inline shops, a Whataburger and freestanding Blockbuster Video store. Built in 1996, the center is 100% leased.
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