(For more retail coverage, click GlobeSt.com/RETAIL.)
WEBSTER, TX-A San Diego-based investment group has secured $9.27 million in acquisition financing for two retail properties--the 23,820-sf Webster Plaza and 19,160-sf Pine Tree Center.
TM Properties LLC closed the deal for Webster Plaza, located at 528 Bay Area Blvd. in Webster, with a $6.52-million loan while Pine Tree Center, positioned at 3838 W. Highway 64 in the East Texas city of Tyler, collateralized $2.75 million in financing. Both are 10-year loans with a 30-year amortization and fixed-rate interest from the New York City-based CIBC. The Webster Plaza loan has a 5.19% interest rate and Pine Tree Center, 5.24%.
Greg Young with Live Oak Capital Ltd. in Houston says the shopping centers were partially funded with 1031 exchange capital. "They're selling their West Coast assets and are looking for higher yield assets east of California," he tells GlobeSt.com. "They're looking for property all over the place, including Houston."
The Orr Commercial Realty-developed shopping center, which delivered earlier this year, was sold by Jerry Goldstein with Marcus & Millichap Real Estate Investment Brokerage Co. in Houston and Alvin Mansour, with the firm's San Diego office. The 95%-leased center is leased to Buffalo Wild Wings, Freebirds, Jamba Juice, Kolache Factory, EB Games, Ben and Jerry's, Philly Connection, Rocket Town, Texas Apartment Locators and Meador Staffing.
Sold by ECN Properties V Ltd. of Dallas, Pine Tree Plaza, completed in 2004, was 95% leased at sale time. Its roster includes Sally's Beauty Supply, Gamestop, Cash Store, Wireless To Go, Direct Insurance, Curves, UPS Store and Payless ShoeSource. The deal was brokered by Steven Mauldin with Marcus & Millichap's Dallas office and an independent broker, Andy Kaye, from Southern California.
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