HUMBLE, TX-Cole Real Estate Investments has purchased Atascocita Commons, a 306,890-square-foot power center, for $56.5 million in an all-cash transaction. The Phoenix-based company acquired the four-year-old property from the developer, Trammell Crow Co.
Located at 7061 FM 1960 East, Atascocita Commons is strategically located at the area’s key retail intersection and serves the upscale master-planned communities of Kingwood, Atascocita and Eagle Springs.
Shadow anchored by a 177,387 square-foot separately owned Super Target, Atascocita Commons is 99% occupied by national and regional tenants. It is anchored by Kohl’s, TJ Maxx/HomeGoods, Palais Royal, Ross Dress for Less, Office Depot and Petco. Other tenants include: Charming Charlie, Dress Barn, Famous Footwear, Panera Bread, Amegy Bank, Which Wich, Medifast, Comerica Bank, Sears, Mattress Firm, AT&T, Zales, Mission Burrito and Johnny Carino’s.
Recently, Atascocita Commons has seen positive leasing momentum with four active letters of intent with Party City (12,055 square feet), Bath Junkie (1,120 square feet), Pearle Vision (1,700 square feet) and Games Plus (1,500 square feet).
Nearly 100% of the center’s income comes from national and regional credit and chain tenants. Atascocita Commons will generate an estimated $4.3 million annually, according to the property market brochure created by the CBRE’s investment sales team of William Kent, executive vice president; Ryan West, first vice president and Gary Lawrence, executive vice president.
The CBRE team represented Trammell Crow is the transaction, while Cole was represented internationally by Clint Marchuk, director of acquisitions.
“This is the type of asset that exactly fits our investment criteria; well located core retail property, long-term leased to a diverse roster of quality tenants, providing a stream of income,” said Kim Kundrak, chief acquisitions officer for Cole.
Atascocita Commons is the latest Cole acquisition in Texas. Last week, the investor announced it purchased the Igloo Products headquarters in Katy, TX and the AT&T headquarters in Dallas. These three acquisitions represent a $124 million investment in the Lone Star State.
“We are keenly interested in being a more active investor in Texas, working with local brokers, owners, developers and tenants to secure the excellent core properties that meet our parameters,” says Tom Roberts, president of Cole’s real estate group.
So far this year, Cole has acquired more than $1 billion of high-quality commercial real estate, including retail, office and industrial properties across the United States.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
