According to Taylor, the average rental rate is $28 per sf for first phase space, but the 22,000-sf expansion has been tagged at $36 per sf. "Nearby competing shopping centers are experiencing average rents of $38 per sf to $42 per sf," he says. Scheduled for completion this month, the expansion is already preleased to David Brown Florist, Arturo's Uptown Grill Italiano and Jose Eber Salon.

Uptown Park sits on 17 acres near the corner of Post Oak Boulevard and Loop 610. Sources close to the deal say there is excess land available for development, but AmREIT's mum on exact details. "We have some ideas, but none that we are disclosing right now," Taylor says.

AmREIT took on $49 million of debt as part of the Uptown Park acquisition. The 10-year loan has an interest rate of 5.37% in an interest-only structuring for the entire term, according to SEC documents.

According to Taylor, last year's purchase of the 13,597-sf Courtyard at Post Oak at 1616 Post Oak Blvd. led to the acquisition of Uptown Park. "This investment opportunity presented itself last year when AmREIT purchased its first Interfin property," he says. "They felt comfortable with us as the buyer because they understand our focus on quality and hands on management. Interfin's understanding of our investment philosophy kept this transaction off the market because they felt comfortable with how we would manage and continuously add value to this asset."