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4/18/17
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A newly developed, 8.5k sf multi-tenant retail property within Grand Crossing, a mixed-use development in Katy, TX, has sold for $4.65 mil, or $547/sf. Built in 2016, the property is situated on two acres of land at 23641 Katy Fwy in an area that has seen a nearly 11 percent growth in population over the last five years.
The fully occupied asset includes Sleep Number, Carus Dental and Lux Nail Salon, which are on long-term leases. The asset fronts Costco at the I-10 and Highway 99 interchange, and is within the 125-acre Grand Crossing development project which, upon completion, will include multi-family, office, and retail uses in a walkable environment.
Jeff Conover with Faris Lee Investments represented the buyer, Los Angeles-based Caswell Development LLC, who was completing the upleg of a 1031 exchange. The seller was the developer of the property, Edifice GC Katy, TX. The closing cap rate on the transaction was 7.12%.
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