NewQuest Properties has announced the sale of some of its retail assets in Houston
October 1, 2011
NewQuest Properties has announced the sale of some of its retail assets in Houston and other parts of Texas to Inland American Real Estate Trust Inc. for $172 million.
The transaction involved a variety of single- and multi-tenant retail facilities with nearly 900,000 square feet of space. Some of the properties are located next to assets Inland previously purchased from Houston-based NewQuest. In 2005, Inland bought $442 million worth of NewQuest shopping centers.
Among Inland's recently acquired properties are:
• Bay Colony Town Center in League City
• Cy Fair Town Center in Houston
• Antoine Town Center in Houston
• Victory Lakes Town Center in League City
• Eldridge Lakes in Houston
• Sherman Town Center in Sherman, near Dallas
The average occupancy for the portfolio is higher than 90 percent. Tenants include Kohl's, Kroger, Lowe's, Sports Authority, 24 Hour Fitness, Best Buy, Cinemark and Dollar Tree.
NewQuest still owns $1.1 billion in commercial real estate assets.
Inland American is affiliated with Oak Brook, Ill.-based Inland Real Estate Corp., which has multiple entities that use the Inland name. The recent acquisitions from NewQuest were transacted by Inland Real Estate Acquisition, the purchasing arm of The Inland Real Estate Group of Companies Inc.
About NewQuest Properties
Houston based NewQuest Properties is a market leader in the development of retail centers, coordinating every aspect of retail center development from land acquisition, financing, design and development to leasing and property management in Texas. Visit www.newquest.com for more information.