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Fitness Center's Site Search Drives 80,883-SF Sale

KATY, TX-NewQuest Properties seeks out a retail center to accommodate a new location for 24-Hour Fitness. The new owner of Westlake Shopping Center, bought for close to the $5.4-million ask, has plans under way to divvy the 52,250-sf dark anchor space.

By Amy Wolff Sorter | Updated on August 02, 2005

KATY, TX-An affiliate of locally based Martin Fein Interests has sold the 80,883-sf Westlake Shopping Center to NewQuest Properties. The property was marketed at $5.4 million.

The final purchase price was “close to the asking price, somewhat south of it,” Dean Lane, a development partner with NewQuest, tells GlobeSt.com. George Cushing and Paula Foster of Grubb & Ellis Co.’s Houston office represented the seller, MF Partners Ltd., while Lane handled talks for the buyer of the 21-year-old development at 19734 Saums Rd.

Leasing capacity at the time of the closing was 87%, with seven tenants and a dark 52,250-sf anchor spot. “The Randalls has been gone for about three years or so,” says Cushing, senior vice president with Grubb & Ellis, “but the buyer had tenants in hand at the time of the closing.”

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