Major Retail Center Sold

SUGAR LAND, Texas – (Realty News Report) – Dhanani Private Equity Group has acquired First Colony Commons, a 379,829-SF retail center located along the Southwest Freeway in Sugar Land on the southwest side of Houston, CBRE reported.

Mark Witcher, Chris Cozby, Jim Batjer, Harrison Tye, and Jolie Duhon with CBRE National Retail Partners arranged the transaction on behalf of the seller, TriGate Capital. Ryan Watson with CBRE’s Debt & Structured Finance group arranged acquisition financing on behalf of the buyer, Dhanani Private Equity Group, a Stafford, Texas-based firm led by Nick Dhanani, chief executive officer.

“The property received multiple offers from a diverse group of investors, driven by the long-tenured national credit anchor lineup, a new grocery anchor draw, and a hard-corner freeway location,” said CBRE’s Mark Witcher. “First Colony Commons is within Sugar Land’s master-planned community, which has strong barriers to entry and established demand drivers.

First Colony Commons, 15375 Southwest Freeway, is anchored by new-to-market Seafood City and was 97 percent occupied by 40 tenants at the time of sale. The retail center is located on 38 acres.

“TriGate Capital is very pleased with the execution of the sales process and the ability to realize the value created during our seven-year ownership,” said Paul Sharp, Managing Director with TriGate Capital.

In a separate deal, Dallas-based TriGate recently acquired The Shoppes at Parkwest, a 250,000-SF retail center located in Katy, located at the intersection of I-10 and the Grand Parkway.

Image: Courtesy CBRE

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