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Texas deal tops 600,000 square feet

Retail center reports double-digit vacancy rate at closing

A joint venture between an AmREIT-affiliated fund and JP Morgan Strategic Property Fund has paid an undisclosed price for the Shadow Creek Ranch Town Center in Pearland, Texas. Sold by Shadow Creek Retail LP, the 616,372-square-foot retail center was nearly 80 percent leased at the time of sale to tenants that included H-E-B Plus!, Academy Sports & Outdoors, Ashley Furniture, FedEx Kinkos and Hobby Lobby. The property was developed in January 2006, according to a press statement. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. ...