Monday, August 1, 2016

HFF closes sale of 2 retail properties in Houston, TX

Ryan West
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of two retail properties totaling 98,669 square feet in the Houston metropolitan area.

The sale includes the 84,669-square-foot Spring Town Center and the 18,000-square-foot Winchester Town Center. 

HFF marketed the assets on behalf of the seller.  Property Commerce Dividend Fund purchased both of the assets for an undisclosed amount. 

Completed in stages between 2003 and 2005, Spring Town Center is 98.4 percent leased to national and regional tenants, including Chili’s Bar & Grill, Walgreens, Bank of America, Dollar Tree, Buffalo Wild Wings, Capital One, Payless Shoe Source, Bank of America, Wendy’s, Sally Beauty Supply, Great Clips, Game Stop and Massage Heights. 

Additionally, the center is shadow anchored by Wal-Mart.  Situated on 14.04 acres at 2116 Kuykendahl Road in the Houston suburb of Spring, the center is at the northeastern corner of Kuykendahl Road and FM 2920 28 miles north of downtown Houston. 

Winchester Town Center was completed in 2004.  The center is fully leased and shadow anchored by Kroger.  Located at 9344 Jones Road, Winchester Town Center is at the southeast corner of West and Jones Roads in northeast Houston approximately 25 miles from downtown. 

The HFF investment sales team representing the seller was led by senior managing director Ryan West.

“These deals are great examples of how quickly a new suburban development in Houston can become an attractive growth vehicle for an investor,” West said. 

“When it was built 10 years ago, Spring Town Center was in the path of growth and pushed the upper limits of rental rates at the time. Today, it has characteristics of an infill asset, certainly as it relates to below-market rents and tenant demand for space in the center. 

“Year after year, this theme is a product of Houston’s growth story; owners recognize it because they experience it first hand, and it’s why we see repeat, often local buyers.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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