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| 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 | www.hfflp.com
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