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MONTGOMERY, TX-An investment group from Las Vegas looking for well-located retail properties has acquired Montgomery Trace Center, a 94,762-sf, class A grocery-anchored center. MTC Partners LP purchased the center, listed at $10.5 million, from Houston-based developer Montgomery Flagship Properties Ltd.
Located at the intersection of Texas 149 and 105, the center was completed in 2003. It is situated right in the midst of several new residential communities including the Buffalo Springs development, which is an 800-acre master-planned community.
"The whole story for this area is growth and that's good for retail," Chris Winters, a principal with Colliers International, tells GlobeSt.com. "That's one of the reason why MTC Partners focused on this center." He says MTC Partners prefers newly constructed grocery-anchored centers.
Winters represented Montgomery Flagship Properties along with John S. Parsley while Teresa Lowery, also with Colliers, represented the buyer. Winters says the center at 1450 Campbell Rd. was only on the market three weeks before MTC Partners showed interest. "They were the most-qualified buyer," he says.
The 86%-leased Montgomery Trace Center is anchored by a 31,760-sf Brookshire Brothers grocery store. Other tenants are Woodforest Bank, Alamo Title Co., Subway Sandwiches, Edward Jones & Co. and Del Pueblo Restaurant. Additionally, Conoco and McDonalds are situated on neighboring pad sites.
According to Winters, the retailers hold five- and 10-year leases. MTC Partners will take over the leasing and management of the property, which carries a quoted rent of $13 per sf triple net.
The seller also has listed two pad sites and 12.9 acres with Colliers. The nearby pad sites are listed for $355,00 and $371,000 and the acreage at the rear of the center is tagged at $2.3 million.
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