3/4/2008

Transwestern joint venture sells 616,000 sf Houston retail center

by

Shadow Creek Ranch Town Center

Mr. Hubbard

A joint venture between AmREIT and JP Morgan Strategic Property Fund has purchased the Shadow Creek Ranch Town Center in Pearland, Texas from Shadow Creek Retail, a venture between Transwestern, WCF Development and Newport Beach, Calif.-based Buchanan Street Partners.

Transwestern's Rudy Hubbard and Leah Gallagher, along with Amanda Fox and Will Deane of Fox Properties, represented the selling venture.

Shadow Creek is a grocery-anchored retail center that contains 616,372 square feet. It is located at Highway 288 and Broadway and was developed in January 2006. Buchanan Street Partners invested $17.8 million as the majority equity investor in the property in 2006. Key tenants of the property include Academy Sports & Outdoors, Ashley Furniture, FedEx Kinkos and Hobby Lobby.

A managing director in the Investment Services Group at Transwestern, Hubbard is a 23-year veteran of commercial real estate. Prior to joining the firm, he was in charge of investment sales with Trione & Gordon/Oncor International, now CB Richard Ellis Houston. He has been selected by Commercial Property News as one of the nation's Top 24 brokers. Hubbard holds a bachelor's in English and Business from Florida State University.

Gallagher is an associate with Transwestern's Houston Investment Services Group and has been with the company for five years. She is a member of the Urban Land Institute, and is a licensed real estate agent in Texas. She holds a bachelor's in mathematics from the University of Texas in Austin.

Address: Highway 288 & Broadway, Pearland, Texas

Size: 616,372 square feet

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Filed Under: Retail

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