Equity One Inc. has purchased Westgate Marketplace, a 298,354-square-foot retail center located in Houston, Texas.
The value of the transaction was not disclosed.
Westgate Marketplace was built in two phases between 2000 and 2002 and is situated on approximately 39 acres at the intersection of Interstate 10 (Katy Freeway) and Fry Road. There are an additional 3.2 acres of developable land, of which 2.2 acres are presently leased to an adjacent property owner for ancillary parking.
Westgate Marketplace is occupied by a 75,154-square-foot H.E.B. Supermarket, an 88,242-square-foot Kohl’s Department Store, a 40,151-square-foot Oshman’s Sporting Goods, a 20,000-square-foot Office Max, and a 10,010-square-foot Pier One.
At the time of sale the property was 99.5 percent leased, which includes 64,797 square feet of additional space leased to a range of national and local tenants, including Men’s Warehouse, Wells Fargo, Bank One, Rack Room Shoes, Tweeter, Citi Financial, Washington Mutual and Chipotle Grill.
Equity One is a real estate investment trust that principally acquires, renovates, develops and manages neighborhood and community shopping centers.
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