HOUSTON--Alvin Mansour of The Mansour Group, senior vice president investments in Marcus & Millichap's San Diego office, has arranged the sale of the 223,223-square-foot Almeda Crossing Power Center located in Houston. The 99-percent-leased asset sold for over $30 million to an undisclosed national REIT. The seller was a Texas-based developer.
“The fact that the property was 99 percent leased to a majority of national credit tenants was paramount to the buyer,” said Mansour to GlobeSt.com. “Additionally, they found Conn's recent relocation to this site from up I-45, and the resulting boost in consumer traffic to the center, to be a major upside.”
Aside from Conn's, other tenants include Ross, Marshall's, Staples, PetSmart, Party City, Shoe Carnival, Dollar Tree, Anna's Linens and Aaron's, and it is “shadow-anchored” by a Walmart Supercenter.
Located west of the 897,000-square-foot Almeda Mall, the property is situated in the southeast quadrant of the city in an area that is expected to grow over 9 percent in the next five years.
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