HOUSTON – CBRE handled the sale of West Road Collection, a neighborhood shopping center the Greenspoint area of north Houston to Hass Holdings LLC for $15 million.
The deal commanded one of the highest prices per square foot in the area, signifying the great demand for retail space in this part of the country.
CBRE’s Richard Rizika represented the seller, JW Rich Investment Co., and Jones Lang LaSalle (JLL) represented the buyer.
The 65,798-SF shopping center is 98 percent leased and has remained stabilized with an average occupancy rate of approximately 95 percent over the last five years.
“Retail investment demand remains strong in Houston with record absorption and occupancy in different parts across the city, especially centers that have an experiential and entertainment aspect to them are doing very well and are in high demand,”said Rizika.
With more than 6.5 million residents, Houston continues to be one of the fastest-growing metro areas in the nation. Houston’s retail market experienced the strongest net absorption in a single quarter since the last three months of 2007. Houston’s retail sales totaled $118 billion in 2015, and retail development activity has dramatically increased in the last year, according to CBRE research.
Oct. 24, 2016 Realty News Report Copyright 2016