AmREIT Agrees to Pay $41.6M for Woodlake Square Shopping Center in Houston

Screen shot 2013-07-15 at 7.16.59 PMA subsidiary of Houston-based AmREIT, Inc. has entered into a purchase and sale agreement with a Texas limited partnership to acquire the Woodlake Square Shopping Center, a grocery-anchored shopping center at located at 9600 Westheimer Rd in Houston, TX, for $41.6 million.

The acquisition is expected to close in the third quarter of 2013. The seller is VIF II/AmREIT Woodlake, LP.

The retail shopping center contains approximately 161,000 square feet of gross leasable area and had an occupancy of 88.2% as of March 31, 2013. Major tenants include Randalls, Walgreens and Jos. A. Bank.

During the twenty-one day inspection period, which will expire on August 5, 2013, AmREIT has the right to terminate the agreement for any reason and receive a full refund of its earnest money.