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Local Developer Sells Last Commercial Asset

DEER PARK, TX-Hollisters Warehouse, a Long Island, NY-based TIC, works out a near $4-million deal to buy the 23-year-old Spencerwood Shopping Center from its developer. The 62,156-sf center is 90% leased to a mix of national and local retailers.

By Amy Wolff Sorter | Updated on October 03, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.”

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