HFF closes sale of and secures financing for southwest Houston retail center

The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of and secured financing for Sharpstown Court, an 84,188-square-foot retail center in southwest Houston.

The HFF investment sales team was led by senior managing director Rusty Tamlyn and associate director Mike Parker who marketed the property on behalf of the seller, Kimco Realty Corporation. Wu Investments purchased Sharpstown Court for an undisclosed amount free and clear of debt. Kimco Realty Corporation is a retail REIT specializing in the acquisitions, development and management of neighborhood and community shopping centers nationwide.

HFF managing director Tucker Knight and real estate analyst Steve Gautier worked on behalf of the borrower, Wu Investments, to secure the five-year, fixed-rate acquisition loan with Mercantil Commercebank.

Sharpstown Court is located on a 5.6-acre site at 6900-6904 US 59/Southwest Freeway in Houston. The property is fully leased to tenants including Office Depot, Metropolitan Furniture, Exclusive Furniture, Quizno’s and Today’s Vision.

“Wu Investments is a California-based private investor who has been looking to expand into Texas for some time due to greater perceived value from higher cap rates,” said Tamlyn. “They had a 1031 exchange need and this asset met their trade requirement and investment objectives.”

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.