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| Rusty Tamlyn |
HOUSTON, TX – HFF announced today that it has closed the
sale of Spring Cypress Village, a 101,371-square-foot, grocery-anchored
retail center in northwest Houston.
HFF
marketed the property on behalf of the seller, Delaware Life Insurance Company,
formerly known as Sun Life Assurance Company of Canada (U.S.), through its
advisor, Guggenheim Partners. Phillips
Edison and Company purchased the asset for an undisclosed amount.
Spring Cypress Village is situated on 15.69 acres at the intersection of
State Highway 249 and Spring Cypress Road.
The grocery-anchored property was renovated in 2007 and is leased to
national and regional tenants, including Sprouts Farmers Market, Spec’s Liquor,
YES Kids Fitness, Wolfies Bar & Grill, State Farm Insurance, Earthwise Pets
and a freestanding Burger King.
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| Ryan West |
The
HFF investment sales team representing the seller was led by senior managing
director Rusty Tamlyn, managing director Ryan West and associate
director Matt Berry.
“Spring Cypress Village is just one of a few assets where
Sprouts was able to breathe new life into an older, yet well-located project in
Houston,” West said.
“We recently sold
Kirkwood Marketplace, another asset where Sprouts backfilled the anchor position
and we are currently marketing Copperfield Village where the same scenario
played out in an old Randalls’ box.”
“The regeneration of these assets is the result of pent up
tenant demand in a tempered retail development environment,” Berry added.
“For that same reason, buyers are able to
underwrite significant rental growth across the small shop space as any new
retail project will often require nearly double the rent most of these
established small shop tenants are currently paying in these projects.”
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| Spring Cypress Village shopping center Houston, TX |
Guggenheim Partners is a global investment and advisory firm
with more than $210 billion in assets under management.
The firm provides asset management,
investment banking and capital markets services, insurance services,
institutional finance and investment advisory solutions to institutions,
governments and agencies, corporations, investment advisors, family offices and
individuals.
Guggenheim Partners is
headquartered in New York and Chicago and serves clients around the world from
more than 25 offices in eight countries. For more information about Guggenheim
Partners, visit www.guggenheimpartners.com.
Phillips Edison & Company is a fully integrated retail
real estate company with a portfolio of more than 31 million square feet of
shopping centers across the country. Since 1991, the firm’s primary mission has
been to purchase under-performing, grocery-anchored properties and maximize
their value through hands-on leasing, management and redevelopment. Their
portfolio now includes more than 260 properties that meet the everyday shopping
needs of communities from coast to coast.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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