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HOUSTON-A TIC buyer from San Jose, CA has laid claim to the newly constructed, 17,000-sf Cypress Mill Plaza Phase II after a one-week run on the market. The seven-investor pool, SVC Cypress Mill LLC, made a full-price offer of $4.9 million to local seller Cypress Mill Plaza LP.
The center, fully leased to national and local tenants, received five offers, James Bouterie of Hunington Properties Inc. in Houston, tells GlobeSt.com. The center, located at 17330 Cypress Springs Rd., is shadow anchored by Home Depot and a Wal-Mart Supercenter.
"The buyer liked the Northwest Houston location, which is a major growth area," Bouterie says. "It's stable cash flow investment for a long-term hold." The center traded at under a 7.5% cap rate.
Bouterie says Cypress Mill Plaza Phase II has nine tenants and no lease rollover until 2009. Lead tenant Nesbitt's Cleaners' 2,600-sf pact doesn't expire until 2010, he adds. Other tenants are Choonbai Restaurant, Cassandra's Hair Studio and T-Mobile. The center's space has been quoted at $26 per sf.
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