Value-Add Shopping Center Totaling 113,430 SF Sells In One Of The Country's Fastest-Growing Counties Transwestern Brokers Purchase of Houston-Area Property on Behalf of Private Investor
SAN ANTONIO, Oct. 23, 2013 /PRNewswire/ -- Transwestern's San Antonio office today announced it has completed the sale of Rosenberg Center, a 113,430-square-foot shopping center located at 5101 U.S. Highway 90-A in Rosenberg, Texas, a suburb of Houston. Built in 1986, the neighborhood retail center serves as a main commercial corridor between Rosenberg and Richmond, Texas. A private investor purchased the property for an undisclosed amount from Rosenberg Station LLC.
"Our client was in the market for an asset with a value-add component and found it in the Rosenberg Center, which had been on the market for some time," said Andy Besing, a Transwestern senior associate who represented the buyer. "The property's strategic location in Fort Bend County, the improvement in local market conditions and the center's lease-up potential presented a winning combination for our client."
As a result of Fort Bend's economic growth, Rosenberg's retail market has seen an overall occupancy boost in the last year. Retail rents are positioned for growth and the overall outlook is set to accelerate with robust job creation and greater consumer spending. Fort Bend is the fastest-growing county of the 10 largest counties in Texas and is also the 14th fastest-growing in the country.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 181 offices in 40 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern. Follow Transwestern's San Antonio office on Twitter: @TranswesternSAT.