Pinnacle Capital Picks Up Texas Retail Asset
- Nov 18, 2020
Pinnacle Capital has bought the 31,245-square-foot Northwood Village retail center in Houston from a private investor for $2.7 million, according to public records.
Acquisition financing included a $1 million loan from a private investor equity and a $2 million acquisition loan from Third Coast Bank SSB, according to an investment memorandum from the buyer.
The shopping center is located at 8100-8140 Antoine Drive, roughly 15 miles northwest of downtown Houston, in Inwood North neighborhood. The 2.5-acre property sits across the street from a Dollar General-anchored retail center and is currently 71 percent occupied.
Philip Levy of Marcus & Millichap marketed the property on behalf of the seller, while also securing and representing the buyer. Earlier this year, Levy was involved in a 5,000-square-foot medical office sale in Texas, representing both buyer and seller. The building is fully leased to Baylor Scott & White Institute for Rehabilitation.