Faris Lee Brokers Westgate Market Sale [GlobeSt]

By Anna Caplan | Houston

HOUSTON–Faris Lee Investments has completed the $25.1-million sale of Westgate Market, a fully occupied, 80,690-square-foot shopping center in Houston.

The property is anchored by a freestanding LA Fitness, and is 91 percent occupied by regional and national credit tenants including The Vitamin Shoppe, Massage Envy, Panera Bread and Applebee’s, among others.

Nicholas Coo, Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the seller, a Los Angeles-based private investor. The buyer, an Argentina-based private real estate holding company, represented itself in the transaction. The closing cap rate was 6.85 percent, a record-low cap rate for a health club-anchored retail center sold for in excess of $20 million in the state according to CoStar. [GlobeSt]


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