Shenandoah: 372,506-SF Venetian-style Portofino sold

SHENANDOAH – The 372,506-sf Portofino shopping center has been acquired by the Kite Realty Group Trust.

Portofino is located in the Shenandoah community, near The Woodlands, at 19075 I-45 N.

Sports Authority, DSW, Stein Mart, Old Navy, Conn’s Appliances and PetsMart are some of the retailers. The property has an annualized base rent of $5.97 million.

The Portofino purchase was one of nine retail centers, totaling 2 million sf, recently purchased by Kite for $307 million. Also included in the acquisition was the Kingwood Commons, a 164,000-sf project on the at 600 Kingwood Dr., just west of Hwy. 59, which was developed by Planned Community Developers in 2000.

Borrowing from the architecture of Venice, Jefco Development Corp., developed Portofino in 2000. The center features Roman fountains, canals, courtyards and waterfalls. Its buildings are adorned with Roman-styled statues, patterned brickwork, arches and columns.