May 15, 2018
A NewQuest Properties partnership sold the 71,107-square-foot Westlake Shopping Center on Houston’s far west side to locally-based VKC Group in an off-market transaction. The selling partnership, operating under the names A-S 80 Westlake-Retail Shops LP, Westlake Partnership A and Westlake Partnership B, made its first disposition in seven years of an anchored retail project.
“The offer was well-timed because NewQuest had been looking to prune the portfolio,” said NewQuest’s Brad Elmore, who represented the seller. “The buyer aggressively pursued this property as its first major acquisition.” Matt Berry and Robbie Kilcrease of CBRE represented the buyer.
Houston-based NewQuest acquired the center at Fry and Saums Roads in 2005. During its hold, the seller backfilled a shuttered Albertsons grocery store with a 31,126-square-foot 24 Hour Fitness, and found additional tenants for the inline space. NewQuest’s Ryan Kelsall will continue leasing the center for the new owners.
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