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| Green Tree Shopping Center, 231-515 South Fry Road, Katy, TX |
HOUSTON, TX –
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Green Tree Shopping Center, a
147,658-square-foot, 99-percent-leased power center in suburban Houston.
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| Ryan West |
HFF arranged the sale of the property on behalf of the
seller, a TIC ownership group managed by Joseph and Henry Mandelbaum of
RealTax, Inc. Inland American Real
Estate Trust, Inc. purchased the asset for an undisclosed amount.
Green Tree Shopping Center is occupied by national and regional
tenants including TJ Maxx, PetSmart, Office Depot, Party City, Five Below, Ulta
Salon, Famous Footwear, Mattress Firm, Bath & Body Works, GNC and Castle
Dental. The center is shadow-anchored by
Target and Randall’s.
Renovated in 2004, the Green Tree Shopping Center spans 21.6
acres at 231-515 South Fry Road in Katy, a suburb west of Houston and
approximately 24 miles from the central business district.
Located at the western edge of the Energy
Corridor, the trade area has a population of more than 217,000 residents and an
average household income exceeding $101,000.
The HFF investment sales team representing the seller was
led by managing director Ryan West,
senior managing director Rusty Tamlyn,
associate director Matt Berry and
real estate analyst Robbie Kilcrease.
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| Rusty Tamlyn |
“The timing of this transaction should be important for some
to note,” West said. “We took offers
just prior to the rapid decline in the price of oil, yet recently closed at the
initial pricing.
“ Capital continues to aggressively seek retail
opportunities in Houston, and the sale of Green Tree Shopping Center is just
one example of how the market is pricing through the energy discussion.
" In addition, there were several moving pieces
including two new anchor leases in progress that we had to structure around but
the cooperation of all parties involved allowed us to facilitate a successful
transaction.”
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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