131,000-SF Grand Lakes Marketplace sells for $43M in Katy131,000-SF Grand Lakes Marketplace sells for $43M in Katyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=60822013-10-09T15:17:00Z2013-10-09T08:00:00Z

KATY - Grand Lakes Marketplace, a newly completed 131,000-sf retail shopping center located at the southeast corner of Fry Rd. and Grand Pkwy., has been acquired by Jones Lang LaSalle Income Property Trust (JLL) for $43 million.

The 13-acre property was purchased in a joint venture between JLL and Fidelis Realty Partners, in which JLL will hold a 90 percent controlling interest.

The shopping center, constructed in 2012, is 100 percent leased. There are 21 tenants in all with a 37,000-sf Whole Foods serving as the anchor tenant. Cost Plus World Market, Stein Mart, and Verizon are other tenants.

Excluding renewal options, the weighted average remaining lease term is 12 years.

Read more at the CoStar Group and Jay Ricky.

CoStar Group
Houston-The Woodlands-Sugar Land
http://www.costar.com/news/article/jones-lang-lasalle-income-property-trust-acquires-grand-lakes-market-place/153143Read more at {Source}

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