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Steeplechase Center. Image courtesy of JLL Capital Markets
Highland Capital has paid $18 million for Steeplechase Center, a 195,575-square-foot retail center in Houston, financing the purchase with a $15 million loan originated by Bank of America, according to CommercialEdge data.
Jones 1960 Crossroads LLC, a subsidiary of Schreer Management, sold the asset it had acquired back in 2009 for $7.1 million, the same source shows. JLL Senior Director John Indelli and Senior Managing Director Ryan West brokered the transaction on behalf of the seller.
Completed in 1983, the shopping center incorporates three buildings spread across a 19-acre site. Its tenant roster includes Goodwill, Melrose, Citi Trends, Uptown Beauty, Dollar Tree, dd’s Discounts and 99 Cents Only, among others. The property was 82 percent leased at the time of sale.
The neighborhood center is in the Cypress West submarket at 10705-10951 Jones Road, right off Cypress Creek Parkway. Downtown Houston is some 21 miles southeast.
More than 1.2 million square feet of retail space have traded across the Houson metro since the beginning of the year, according to the same data provider; Steeplechase Center was the largest property to change hands.
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