The New York City-based investor, which is the U.S.-based real estate arm of alternative investment manager Investcorp, bought the retail property from DRA Realty Advisors, also of New York City. With the acquisition of Deerbrook Marketplace, Investcorp now owns more than 20 properties in the Houston metro area.

"Deerbrook Marketplace is an attractive addition to our existing retail portfolio in Texas," says Brian Kelley, a principal in Investcorp's real estate group. "Thanks to the stabilizing effect of the oil industry in the local economy, Texas has been impacted less by the economic downturn of the past two years than other U.S. states. Spending trends across Texas have remained comparatively healthy and the retail sector has emerged earlier from the recession than in other parts of the U.S."

Located near the intersection of Highway 59 and F.M. 1960, Deerbrook Marketplace is anchored by Sports Authority, Best Buy, Bed Bath & Beyond, Marshalls, OfficeMax, PetSmart and Old Navy. Inline tenants include Ulta, Pier 1 Imports, Justice, Kirkland's and Rue 21.

"Deerbrook Marketplace is the best power center in the submarket," says James Namken, senior vice president with The Weitzman Group's Houston office. Prior to Investcorp's acquisition, The Weitzman Group handled Deerbrook Marketplace's leasing, while Cencor Realty Services handled management.

Deerbrook Marketplace is currently 98.5 percent occupied and will have limited lease rollover over the next two years, according to Investcorp. Namken tells GlobeSt. that Office Max and Best Buy recently signed five year renewal leases at the center.

"This is a core investment for the new owner," Namken says.

Unlike many transactions that have occurred recently on an all-cash basis, Investcorp obtained debt financing to acquire Deerbrook Marketplace. Capital Trust Inc. provided the mortgage. Global Fund Investments, an existing Investcorp operating partner in Investcorp's U.S. Retail IV portfolio, will provide leasing and property management services for the newly-acquired center.