HOUSTON, November 11, 2014 – Houston based HighStreet Net Lease Group successfully completed the sale of two multi-tenant retail properties, both located in booming areas of major Texas MSAs. The first transaction was a 6,000 SF four tenant center in San Antonio, Texas. The second was a 30,000 SF eleven tenant retail plaza located less than 2 miles from the new ExxonMobil campus in Spring, Texas. HighStreet Net Lease Group represented the Buyer of the San Antonio property and the Seller of the Spring center.
“Both of these transactions had some unique characteristics that allowed our clients to capitalize on opportunities that otherwise may not have existed given the strength of the current market cycle,” noted Matt Moake of HighStreet Net Lease Group. “The San Antonio property is extremely well located, but had one vacancy that helped drive up the purchase cap for our Buyer client. The Seller was willing to master lease this currently unoccupied suite while a tenant is found, which we feel creates a great deal of upside potential once the space is filled at a higher rental rate in line with the surrounding area. The larger asset in Spring required assumption of the existing loan, a lengthy process that was accomplished through constant communication between all parties involved. The lender made things challenging at times, but we were very pleased with the end result of a successful disposition at a very attractive price to our Seller.”
The San Antonio property was purchased by a Taiwanese based family trust actively acquiring retail assets throughout Texas. HighStreet has represented them on the purchase of three properties within the past four months totaling more than $6M. The Seller of the Spring asset is an experienced owner/developer with multiple properties throughout northern Houston, and is also a repeat client that has closed numerous transactions with HighStreet in 2014.
About HighStreet Net Lease Group
HighStreet Net Lease Group specializes in the acquisition and disposition of net leased retail properties throughout the United States. The driving force of HighStreet as a net lease brokerage firm is to assist clients in achieving their investment goals. Whether through the disposition of an asset at the highest possible price using their proven platform, or an acquisition of a core property at an attractive return, the company is constantly seeking unique and attractive opportunities for their Seller and Buyer clients.
Learn more about HighStreet Net Lease Group.
For more information:
C. Pharr & Company for HighStreet Net Lease Group
(office) (972) 931-7576 ext. 354
(cell) (972) 896-0947