HOUSTON-De La Vega Capital has made its first acquisition here, buying Gulfgate Square, a 78,690-square-foot shopping center, from Moody Rambin Interests. The fully-leased property sold for an undisclosed amount.
Situated on 7.4 acres at 6800 Gulf Freeway, Gulfgate Square is located in a heavily Hispanic area in southeast Houston about six miles from downtown. The 13-year-old property is shadow-anchored by The Home Depot, which was not part of the acquisition.
Gulfgate Square is anchored by Office Depot and Conn’s. Other tenants include Radio Shack, Subway, Whataburger and IHOP.
“This is one of the few retail assets that have traded in Houston recently,” says Rusty Tamlyn, a senior managing director with HFF’s local office. He and HFF Associate Director Trent Agnew marketed the deal on behalf of Moody Rambin.
Tamlyn tells GlobeSt.com that De La Vega Capital was one of seven investors that made an offer for Gulfgate Square. “This is a mature asset that has enjoyed steady occupancy,” he explains. “The Home Depot is a big traffic draw, and the center has proven tenant sales.”
Dallas-based De La Vega won the deal because of an existing relationship with Moody Rambin principals, according to Tamlyn. “De La Vega understands Hispanic trade areas,” he notes.
The Gulfgate Square acquisition was a 1031 exchange deal for De La Vega, which funded the all-cash buy with a portion of proceeds from its recent sale of Las Palmas Marketplace in El Paso. The company sold the 750,000-square-foot lifestyle, entertainment and power center to Dunhill Partners.
In addition to Las Palmas Marketplace, the firm currently is working on Canyon West, an 800,000-square-foot shopping center and mixed-use development Lubbock, Texas.
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