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1031 Exchange Buyer Claims 27,000-SF Center

KATY, TX-After fielding more than six offers, a Houston-based developer relinquishes the keys to Grand Parkway Crossing for close to $7 million. The Dallas buyer assumes a $2.9-million conduit loan to take title to a 100%-leased asset.

By Jennifer D. Duell | Updated on March 23, 2005

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KATY, TX-A 1031 exchange investor from Dallas has paid close to the $7-million ask for Grand Parkway Crossing, a 27,000-sf shopping center that includes a ground lease for a 3,000-sf Jack-in-the-Box.

“We put it on the market last summer and fielded offers until we found a buyer that would meet our terms,” says William Lovejoy, a first vice president in CB Richard Ellis Inc.’s Houston office. He represented both buyer, Grand Parkway LLC, and seller, Houston-based developer GCJ Property Co., of the fully leased center at 1450 Grand Parkway.

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