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GlobeSt.com EXCLUSIVE: Two-Year Owners Sell 1M-SF West Oaks Mall

HOUSTON-Somera Capital and CoastWood Capital cash in on a $10-million renovation and repositioning of the 33-acre regional mall. The sellers turn over the deed to a 90%-leased holding, assessed at $46.03 million, to Investment Properties of America.

By Amy Wolff Sorter | Updated on September 20, 2005

HOUSTON-Following a $10-million renovation and repositioning, the Los Angeles-based Somera Capital Management, in partnership with CoastWood Capital Group LLC of San Francisco, has sold 500,000 sf of the 1.1-million-sf West Oaks Mall to Investment Properties of America.

The 1980s-constructed property, situated on 33 acres at Highway 6 and Westheimer Road, is assessed at $46.03 million by Harris County. The sale price could not be obtained by press time.

The sellers, represented by New York City-based Eastdil Realty Inc., purchased the mall at 14700 Westheimer Rd. in 2003 and set about working to boost both traffic and tenancy. The mall was roughly 70% occupied when it was bought and was resting at 90% when it was handed off to the Indianapolis-based investment group.

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