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Houston Entities Trade 213,685 SF Of Retail

HOUSTON-Kagan-Edelman Enterprises unloaded seven assets from a retail strip center portfolio to Satya Inc. The buyer and seller will close on the another property from the portfolio early next year.

By Amy Wolff Sorter | Updated on December 09, 2008

HOUSTON-A local seller sold its multi-asset, retail strip center portfolio to a single buyer, Satya Inc. The buyer and seller closed on seven of the eight properties, which totaled 213,685 square feet, with the final property set to close in 2009.

“The seller didn’t really want to split this portfolio up and have eight transactions. It would have been an administrative nightmare,” comments Michael L. Parker, associate director with Holliday Fenoglio Fowler LP’s Houston office, who had the marketing assignment with senior managing director Rusty Tamlyn. “He wanted one buyer that would take down the whole thing,” Parker adds.

Parker declined to name the seller and the sales price. According to the Houston Central Appraisal District, the portfolio belonged to various funds operated by Kagan-Edelman Enterprises. Further research notes that similar 1970s strip centers can trade for between $80 per square foot and $100 per square foot.

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