Dhanani Raises $31M to Buy Sugar Land Retail Center

Dhanani Private Equity Group acquired  First Colony Commons, a 379,829 square-foot retail center located along the Southwest Freeway in  Sugar Land on the southwest side of Houston. Dhanani raised $31 million in equity for the purchase of this asset.

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

First Colony Commons, 15375 Southwest Freeway, is anchored by new-to-market Seafood City and was 97 percent occupied by 40 tenants at the time of sale. The retail center is located on 38 acres.

In a separate deal, Dallas-based TriGate recently acquired The Shoppes at Parkwest, a 250,000-square-foot retail center in Katy, at the intersection of I-10 and the Grand Parkway.