AmREIT grows in Texas

Joint venture involved in deal

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AmREIT recently purchased Market at Lake Houston, an H-E-B Food & Drug-anchored retail center in Houston, Texas. The value of the transaction was not disclosed. AmREIT bought the property on behalf of its affiliated income and growth joint venture and partnership real estate funds, Monthly Income and Growth Fund Ltd. (MIG) and Monthly Income and Growth Fund III Ltd. (MIG III). MIG owns a 40 percent interest and MIG III owns a 60 percent interest in the property. Market at Lake Houston is located at the northwest corner of F.M. 1960 and West Lake Houston Parkway on 13.9 acres. It is a 101,862-square-foot grocery-anchored retail center that was 100 percent leased at the time of sale. H-E-B Food and Drug, a 100-year-old grocery store, anchors the center and operates an 80,641-square-foot grocery store/pharmacy and a four-pump retail fuel island/kiosk. Other tenants onsite include Washington Mutual Bank, Payless ShoeSource, Subway, Alamo Title, Cingular Wireless and Sally Beauty S...