CBRE National Retail Partners Facilitates Sale of 379,829-SF Retail Center in Sugar Land, TX

CBRE has arranged the sale of First Colony Commons, a 379,829-sq.-ft. retail shopping center located at 15375 Southwest Fwy. in Sugar Land, Texas.

Mark Witcher, Chris Cozby, Jim Batjer, Harrison Tye, and Jolie Duhon with CBRE National Retail Partners arranged the transaction on behalf of the seller, TriGate Capital. Ryan Watson with CBRE’s Debt & Structured Finance group arranged acquisition financing on behalf of the buyer, Dhanani Private Equity Group.

“The property received multiple offers from a diverse group of investors, driven by the long-tenured national credit anchor lineup, a new grocery anchor draw, and a hard-corner freeway location,” said CBRE’s Mark Witcher. “First Colony Commons is within Sugar Land’s master-planned community, which has strong barriers to entry and established demand drivers.”

First Colony Commons is anchored by new-to-market Seafood City and was 97% occupied by 40 tenants at the time of sale. The retail center is located on approximately 38 acres with exposure on Interstate 69.

“TriGate Capital is very pleased with the execution of the sales process and the ability to realize the value created during our seven-year ownership,” said Paul Sharp, Managing Director with TriGate Capital.