HOUSTON – Inland American Real Estate Trust purchased the Green Tree Shopping Center, a 147,658-square-foot, 99-percent-leased power center in the Energy Corridor area of west Houston.
Despite a softening in the Houston economy due to falling oil prices, demand for quality retail properties remains strong, says Rusty Tamlyn of HFF which represented the seller, a California TIC group managed by Joseph and Henry Mandelbaum of RealTax Inc.
HFF’s Ryan West, Matt Berry and Robbie Kilcrease also worked on the sale. “The timing of this transaction should be important for some to note,” West said. “We took offers just prior to the rapid decline in the price of oil, yet recently closed at the initial pricing. Capital continues to aggressively seek retail opportunities in Houston, and the sale of Green Tree Shopping Center is just one example of how the market is pricing through the energy discussion.”