David Wheeler, executive vice president of acquisitions for the Houston-based REIT, tells GlobeSt.com that the Promenade North shopping center at 740-980 N. Coit Rd. and professional building at 500 N. Coit Rd. were projected to sell for $15 million to $20 million. He says the REIT claimed the class B asset for less than $15 million and considerably less than replacement cost, which he estimates at $30 million for the 1970s-era buildings on 13.2 acres. He says the Unum Group of Chattanooga, TN passed the deed in the past 48 hours.

Wheeler says the team's already interviewing architects as the first step in determining the extent of the overhaul for the asset. He says the REIT is banking on increased rents from the renovation and lease-up to build upside. On the road to the closing, the shopping center's anchor, International Gourmet Foods, signed a renewal and expansion, bumping its lease to 25,000 sf. The expansion is under way.

During the transition, Wheeler says the REIT has kept Colliers International's executive vice president Kevin Brookmole in place for leasing while management rolls in-house. Wheeler says there is an additional 10,684 sf of retail and office leases rolling before the year ends and another 16,577 sf in 2009.