Baker Katz acquires Four Corners Shopping Center
Tomball, Texas — Houston-based commercial real estate brokerage Baker Katz said it has acquired the Four Corners Shopping Center in Tomball, Texas.
Baker Katz purchased the 120,000-sq.-ft. center through an investment fund dedicated to real estate development, acquisition and ownership. The center holds the last remaining big-box vacancy in Tomball, a 45,000-sq.-ft. former Kroger space. Baker Katz plans to begin a major renovation on the center later this year and will look to re-lease the space.
Currently, the center is 35% occupied by such retailers as Tuesday Morning, Rent-A-Center, Firestone and Domino’s Pizza.
Karlin Real Estate acquires two Phoenix-area centers
Phoenix — Los Angeles-based Karlin Real Estate said it has acquired through foreclosure two Phoenix-area shopping centers totaling nearly 220,000 sq. ft.
The move follows the firm’s purchase of a non-performing loan portfolio with an aggregate unpaid principal of approximately $65.5 million.
The Boulevard at Surprise Pointe is a 201,223-sq.-ft. lifestyle center in Surprise, Ariz., anchored by a Walgreens and UltraStar Cinemas.
Thunderbird Marketplace is an 18,711-sq.-ft. strip center, Karlin subsequently sold to a buyer in an off-market transaction.
Westheimer Crossing Shopping Center changes hands
Houston — Grubb & Ellis Co. said Wednesday that it represented Gulf Coast Commercial Group in the sale of Westheimer Crossing Shopping Center, a 94,053-sq.-ft. retail center in Houston.
Delta Troy Interests Ltd. purchased the property for an undisclosed price. The property was approximately 90% occupied at the time of sale to multiple tenants, including DSW, REI and Michaels Stores.