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MISSOURI CITY, TX-A tenants-in-common investment group from San Francisco has acquired the 22,307-sf Market at Bees Creek, paying about $6 million in an off-market transaction for a one-year-old neighborhood center in the master-planned community of Sienna Plantation.
SVC Bees Creek LLC, which had six investors in the deal, took the 4225 Sienna Pkwy. deed from developer Weaver, Davis & Jacob Realty Group LLC. "We would have liked to have held on to the center, but they made us an offer that we couldn't refuse," Scott Weaver, principal of Weaver, Davis & Jacob Realty Group, tells GlobeSt.com. The TIC buyer secured a $4.8-million loan to gain title to the property. New York City-based Bear Stearns Commercial Mortgage provided the 10-year loan, which features an interest rate of 5.35% and five years at interest only.
"We had several quotes from lenders, but Bear Stearns was aggressive from the get go," says Tucker Knight, a director with Holliday Fenoglio Fowler LP. He and real estate analyst Jim Hinton Jr. arranged the financing.
Weaver says Market at Bees Creek, which cost roughly $80 per sf to build, is 96% leased to tenants like Sienna Market & Deli, Sienna Cleaners, Bees Creek Cafe and Pepperoni's. The quoted rate is $22 per sf. Weaver, Davis & Jacob Realty Group will continue to lease and manage the center.
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