A subsidiary of Jones Lang LaSalle Income Property Trust, Inc. has agreed to acquire a 90 percent interest in Grand Lakes Marketplace, the 131,195 square foot grocery-anchored retail center at the southeast corner of Fry Road and Grand Parkway in Katy, TX, a western suburb of Houston, for $43 million.
The transaction is expected to close during the third quarter of 2013.
Grand Lakes Marketplace was constructed in 2012 and was fully leased within 12 months of construction. It features 21 tenants, including a Whole Foods grocery store, which occupies about 30 percent of the total square footage of the shopping center with a 37,000 square foot store. Stein Mart and World Market complement the anchor.
Regional and local tenants, with an average size of 2,738 square feet, comprise 30 percent of the tenancy. Four tenants represent 70 percent of the square footage and 51 percent of the property’s income.
In 2006, Fidelis Realty Partners and Principal Real Estate Investors assembled the three tracts of land into the 13 acre site that became Grand Lakes Marketplace. HFF was recently retained to offer qualified investors an opportunity to acquire Grand Lakes Marketplace.