HOUSTON-A joint venture partnership comprised of an URDANG investment fund and RCG Ventures LLC has bought Louetta Central Shopping Center, an 180,000-square-foot property anchored by Kohl’s, Ross Dress for Less, and Michael’s.

Urdang Value-Added Fund II LP and RCG Ventures acquired the eight-year-old property from two Texas-based developers in an off-market transaction. It featured assumable financing with aggressive principal reduction via a 20-year, fully amortizing loan. The sale price was not disclosed, but similar properties in the area have sold for $130 per square foot to $150 per square, which translates into a sale price of $23.4 million to $27 million.

“Due to market conditions and our willingness to assume the existing loans, we were able to acquire one of the strongest retail centers in north Houston at a compelling price,” says David Rabin, managing director of Urdang Capital Management, which manages Urdang Value-Added Fund II LP. URDANG is part of BNY Mellon Asset Management.