Dhanani Private Equity Group has successfully acquired First Colony Commons, a large retail center situated on the Southwest Freeway in Sugar Land. The property spans 379,829 square feet and is located on the southwest side of Houston. To fund this purchase, Dhanani raised $31 million in equity.
The transaction was facilitated by Mark Witcher, Chris Cozby, Jim Batjer, Harrison Tye and Jolie Duhon from CBRE National Retail Partners who represented TriGate Capital – the seller. Additionally Ryan Watson from CBRE’s Debt & Structured Finance group arranged acquisition financing for Dhanani Private Equity Group.
First Colony Commons is home to 40 tenants and boasts an impressive occupancy rate of 97%. It also features new-to-market Seafood City as its anchor tenant. This retail center occupies a vast area of 38 acres.
In another notable deal,TriGate recently acquired The Shoppes at Parkwest – a popular retail destination spanning over250000 square feet-located atthe intersectionof I-10andthe Grand Parkwayin Katy,Dallas.The post highlights that these two deals have been successful ventures for both parties involved.
