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DEER PARK, TX-Spencerwood Shopping Center Ltd., a real estate holding group headed up by a local developer, has sold the 62,156-sf Spencerwood Shopping Center, which he developed in 1982, to an East Coast-based TIC.

Spencerwood Shopping Center at 9701 Spencer Highway was listed at $4.73 million. Representing both sides of the deal, Jerry Goldstein, senior investment associate in Houston for Marcus & Millichap Real Estate Investment Brokerage Co., says "we ended up getting in the $4-million range."

Situated on 6.1 acres, the center was acquired by Hollisters Warehouse, based in Long Island, NY. Goldstein tells GlobeSt.com that Hollisters was one of many potential buyers. "This particular buyer had a track record with this type of property," he explains, adding he had solicited the buyer for that very reason.

According to Goldstein, Spencerwood Shopping Center was the developer's last holding in the area. "He had a conduit loan on it and couldn't sell for a long while," Goldstein says. But, he adds, the loan was coming due at the end of the year so the prepayment penalty was all but non-existent. As a result, the seller felt more comfortable disposing of the property, Goldstein explains.

The property is anchored by a 40,257-sf Gerland's Food Fair. Other tenants include H&R Block, Subway, Little Caesar's Pizza, a dry cleaning shop and nail salon. Goldstein says the shopping center was 90% leased at the time of closing. And as far as he knows, the new owners aren't planning to make any major improvements of their newest portfolio member.

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Houston
Retail