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AmREIT Buys 11 Acres for $11M, 40,000-SF Retail Projects

THE WOODLANDS, TX-AmREIT's Monthly Income and Growth Fund II has acquired 5.24 acres in the Village of Sterling Ridge and another six acres beside College Park Village Shopping Center. One project breaks ground soon and the other in Q4.

By Amy Wolff Sorter | Updated on August 23, 2005

THE WOODLANDS, TX-Monthly Income and Growth Fund II, a retail partnership fund managed by AmREIT in Houston, has acquired 11.24 acres in separate tracts in the Woodlands to develop about 40,000 sf of multi-tenant retail space. The all-in development cost is estimated at $11 million.

AmREIT bought 5.24 acres in Terramont and six acres beside College Park Village Shopping Center. The preleasing campaign has brokers courting the market with $23 per sf for inline space and $25 per sf for end caps. Preston Cunningham from AmREIT and Greg Jordan from the Woodlands Development Co. structured the land sales.

AmREIT plans to break ground in the fourth quarter on Terramont, located at the southeast corner of Woodlands Parkway and FM 2978 in the Village of Sterling Ridge. Anchored by a Wal-Mart Supercenter, the 24,000-sf project is scheduled for completion by late summer 2006.

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