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Prudential Unit Buys LaCenterra at Cinco Ranch

LaCenterra at Cinco Ranch, a mixed-use development, has been sold.

HOUSTON – (Realty News Report) – PGIM Real Estate, part of Prudential Financial, has acquired LaCenterra at Cinco Ranch, a 412,900-SF mixed-use lifestyle center on 34 acres near the Grand Parkway, on the west side of Houston.

The developers selling the property – Vista Cos. of Houston and Denver-based Amstar Group were represented by Eastdil Secured. The center includes 273,522 SF of retail (93 percent leased) and 140,000 SF of office (89 percent leased) and two half-acre parks.

The development’s Central Green park serves to create a “Main Street” element to the project, which represents the Town Center of the 8,100-acre Cinco Ranch community.

The center, located along Cinco Ranch Boulevard and the Grand Parkway, is anchored by a Trader Joe’s, with other retailers including Chico’s, Talbot’s and Panera Bread.

A 37,000-SF Alamo Drafthouse Cinema is under construction, along with 8,000 SF of additional shop space and a five-level parking garage – all making up the final phase of the project.

“PGIM Real Estate’s acquisition of LaCenterra adds another high-quality, income-producing asset to our investors’ portfolio,” said Alfonso Munk, Americas chief investment officer at PGIM Real Estate. “We expect that Houston’s strong demographic trends will continue to support the retail market, while Katy’s favorable business climate, top-ranking public schools, and proximity to affluent residential communities will continue to attract a diverse employer base to LaCenterra.”

LaCenterra was not damaged in the flooding associated with Hurricane Harvey.

Mark Seedorff, Atlanta-based executive director, South Region Transactions at PGIM Real Estate, represented his firm in the deal.

The deal did not include the adjacent The Grand at LaCenterra, a 271-unit multifamily development by Martin Fein.

Nov. 11, 2017 Realty News Report Copyright 2017

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