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REIT Chasing Buyers for Three Centers

HOUSTON-With 50 retail properties in the region, New Plan Excel Realty Trust pulls out three and puts them on the market for a combined $16.9 million. The assets, totaling 219,929 sf, have occupancies ranging from 77.6% to 94.2%.

By Jennifer D. Duell | Updated on February 24, 2005

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HOUSTON-With a 50-property portfolio in Greater Houston, New Plan Excel Realty Trust Inc. has put three shopping centers on the market. The assets, totaling 219,929 sf, are listed at $16.9 million.

“Like most REITs, New Plan is culling its non-core assets,” says George Cushing, a senior vice president with Grubb & Ellis Co.’s local office who is marketing the properties for the New York City-based REIT. Up for grabs are the 45,873-sf sf Fondren Shopping Center, 74,329-sf Long Point Shopping Center and 99,727-sf Stella Link Shopping Center.

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