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86,450-SF Colony Plaza Brings $15M for Equity One

MISSOURI CITY, TX-The Miami-based investment group sells the 96%-leased Colony Plaza to a Los Angeles investor, whose $15.36-million offer halted marketing just a couple weeks after it began.

By Amy Wolff Sorter | Updated on November 18, 2005

MISSOURI CITY, TX-A Houston subsidiary of Equity One Inc. has sold the 86,450-sf Colony Plaza Shopping Center to a Southern California investor for $15.36 million. The transaction carries a 7.74% cap rate.

The seven-year-old center, situated on 7.66 acres at 4555 Highway 6, is 96% occupied. Its tenants include Wel-Farm Grocery, Cafe East Restaurant, Southwestern National Bank and TA Traders.

“This wasn’t long on the market, maybe a couple of weeks,” Brad Kam, an associate with Marcus & Millichap Real Estate Investment Brokerage Co.’s Dallas office, tells GlobeSt.com. “The buyer came down, really liked the area and the property and bought it up quickly.” He adds the center, which is fairly new, will require little in the way of renovations. Brad Kam represented the seller, UIRT-Colony Plaza Inc. while Re/Max Premier Properties in Arcadia, CA negotiated on behalf of the Los Angeles-based buyer.

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