Florida Buyer Snags 89,949-SF Retail Center

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HOUSTON-A local developer has sold the 89,949-sf Cypresswood Commons Shopping Center to a Florida corporation. The fully leased center, listed for $19.5 million, attracted five offers during the four-month marketing process.

Samco Properties Inc. of Deerfield, FL ended up with center at 20075 N. Freeway from Gulf Coast Commercial Group Inc. because of familiarity with the area and responsiveness, according to George Cushing, senior vice president for Grubb & Ellis Co. in Houston. “They came to see the property and immediately seemed like the right buyer,” the seller’s broker says. The deal closed with a $15-million loan assumption. The financing has a 6.1% fixed-rate interest.