Katy shopping center sells for $25.1 million

An investor based in Argentina has paid $25.1 million for the Westgate Market shopping center near Katy, a realty firm announced.

Faris Lee Investments marketed the 80,690-square-foot property on behalf of the seller, a Los Angeles-based private investor. The company declined to release the names of the buyer or seller.

The property, at Interstate 10 and Foxlake Drive, east of Fry Road, is 91 percent occupied. Among its tenants are LA Fitness, The Vitamin Shoppe, Massage Envy, Panera Bread and Applebee's.

Nicholas Coo, Matthew Mousavi, and Patrick Luther of Faris Lee Investments represented the seller.

"Our marketing strategy for this asset was to utilize Faris Lee's platform to identify both domestic and foreign investors who had previously acquired retail property in the Houston market," Coo said in an announcement. "We targeted the buyer based on its recent acquisition near Westgate Market."

The property drew five competitive offers, according to Faris Lee Investments.

The center, on 8.7 acres at 19504 to 19740 Katy Freeway and 19950 Restaurant Row, was built in 2004 and 2005. It contains some separate buildings that could be sold individually.

Faris Lee Investments is a retail advisory and investment sales company based in Irvine, Calif.


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