Friday, April 24, 2015

HFF closes sale of power center in suburban Houston, TX


Green Tree Shopping Center, 231-515 South Fry Road, Katy, TX

HOUSTON, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Green Tree Shopping Center, a 147,658-square-foot, 99-percent-leased power center in suburban Houston.

Ryan West
HFF arranged the sale of the property on behalf of the seller, a TIC ownership group managed by Joseph and Henry Mandelbaum of RealTax, Inc.  Inland American Real Estate Trust, Inc. purchased the asset for an undisclosed amount.

Green Tree Shopping Center is occupied by national and regional tenants including TJ Maxx, PetSmart, Office Depot, Party City, Five Below, Ulta Salon, Famous Footwear, Mattress Firm, Bath & Body Works, GNC and Castle Dental.  The center is shadow-anchored by Target and Randall’s. 

Renovated in 2004, the Green Tree Shopping Center spans 21.6 acres at 231-515 South Fry Road in Katy, a suburb west of Houston and approximately 24 miles from the central business district.

  Located at the western edge of the Energy Corridor, the trade area has a population of more than 217,000 residents and an average household income exceeding $101,000. 

The HFF investment sales team representing the seller was led by managing director Ryan West, senior managing director Rusty Tamlyn, associate director Matt Berry and real estate analyst Robbie Kilcrease.

Rusty Tamlyn
“The timing of this transaction should be important for some to note,” West said.  “We took offers just prior to the rapid decline in the price of oil, yet recently closed at the initial pricing.

“ Capital continues to aggressively seek retail opportunities in Houston, and the sale of Green Tree Shopping Center is just one example of how the market is pricing through the energy discussion. 

"  In addition, there were several moving pieces including two new anchor leases in progress that we had to structure around but the cooperation of all parties involved allowed us to facilitate a successful transaction.” 

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
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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