A recently formed joint venture purchased the Fountains on the Lake retail center in Stafford, Texas, for an undisclosed price.

California-based Pacific Coast Capital Partners LLC and Dallas-based Dunhill Partners teamed up to buy the 589,201-square-foot complex from New York-based Kimco Realty Corp.

Built between 1996/1997 and located on 74 acres of land approximately 20 miles southwest of downtown Houston, the power center currently consists of 25 buildings including a theater parcel and eight restaurant and bank parcels. The tenant mix includes Old Navy, Bed Bath & Beyond, Saks Off Fifth Avenue, Loews Cinema, Fuddruckers and Cold Stone Creamery. The center was 98 percent occupied at the time of purchase.

According to Jennifer Diaz, vice president of PCCP, the partnership’s business plan is to develop an additional 50,050 square feet of retail at The Fountains and lease up the space upon completion of construction.

***

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