HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of and secured financing for Sharpstown Court, (photo top right) an 84,188-square-foot retail center in southwest Houston.The HFF investment sales team was led by senior managing director Rusty Tamlyn and associate director Mike Parker who marketed the property on behalf of the seller, Kimco Realty Corporation. Wu Investments purchased Sharpstown Court for an undisclosed amount free and clear of debt.
Kimco Realty Corporation is a retail REIT specializing in the acquisitions, development and management of neighborhood and community shopping centers nationwide.
HFF managing director Tucker Knight and real estate analyst Steve Gautier worked on behalf of the borrower, Wu Investments, to secure the five-year, fixed-rate acquisition loan with Mercantil Commercebank.
Sharpstown Court is located on a 5.6-acre site at 6900-6904 US 59/Southwest Freeway in Houston. The property is fully leased to tenants including Office Depot, Metropolitan Furniture, Exclusive Furniture, Quizno’s and Today’s Vision.
“Wu Investments is a California-based private investor who has been looking to expand into Texas for some time due to greater perceived value from higher cap rates,” said Tamlyn. “They had a 1031 exchange need and this asset met their trade requirement and investment objectives.”
CONTACTS:
Laurie Fish McDowell, Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.comOne Post Office Square, Suite 3500, Boston, MA 02109, http://www.hfflp.com/
Rusty Tamplyn, CCIM, SIOR, HFF Senior Managing Director, 713 852 3500,rtamlyn@hfflp.com
Tucker S. Knight, HFF Managing Director, 713 852 3500, tknight@hfflp.com
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