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HOUSTON-FFC Equity Holdings LP, a partnership sponsored by Caldwell Watson Real Estate Group, has acquired Spring Cypress Shopping Center in far northwest Houston from the Williamsville, NY-based Eastbourne Investments Ltd.
The 101,000-sf shopping center is less than 50% occupied, mostly by local restaurants. It has a 43,000-sf, dark anchor space formerly occupied by Kroger. The grocery vacated the store more than 12 months ago, according to Frank Egan of Eastbourne Investments. "Disposition is always high on our list of objectives, but we didn't have this property listed," Egan tells GlobeSt.com. "The buyer approached us back in October and we managed to come to an agreement."
Situated on 14 acres at 24203 State Highway 249 near its intersection with Spring Cypress Road, the center is right in the middle of a large retail trade area. "It's great real estate and it's a great repositioning opportunity," Egan says of the 23-year-old center. Eastbourne Investments acquired the center in 1999 for $6.7 million. With vacancy resting at 50%, Harris County Appraisal District has its assessment set at $1.7 million.
The local buyer is familiar with the far northwest part of the city. It handles leasing for Spring Cypress Crossing, a Wal-Mart-anchored center situated across the highway from the just-bought property. The firm's team also leases Spring Cypress Village, which takes up the southeast corner of the intersection.
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