Houston Shopping Center Picked by NY 1031 Exchange Investor

A New York-based 1031 Exchange investor has acquired the 93,707-sf Northeast Market Place in a fast-moving off-market transaction, gaining control of a fully leased retail center at a prime infill location inside Houston’s city limits. NewQuest’s Dakota Workman and Thomas Turner represented the buyer, 37Y Properties LLC. 

Northeast Market Place, completed in 2006, is anchored by Ross Dress for Less. The 11-tenant roster features a mix of national and regional brands for fashion, dining and neighborhood services. The center’s lone vacancy – 21,000 sf – was leased to yet another national brand prior to the trade. A family footwear retailer has signed a 10-year lease for the junior anchor spot, formerly occupied by Office Depot. 

David Luther of NewQuest Properties’, represented the seller, Rosenbach Nemp LLC. “It’s the best corner in this part of Houston and close to downtown. It’s where all the nationals are located,” Luther says.