Rendering of a former Walmart in northwest Houston which will be redeveloped as Megacenter.
HOUSTON – (Realty News Report) – A former Walmart is being redeveloped into a 236,000-SF Megacenter Willowbrook on FM 1960 near Willowbrook Mall.
Megacenter is a subsidiary of Red Megacentro, which has over 40 locations in Chile, Peru, South Florida and Texas. The facility in northwest Houston will have a gym, flex space, office space, self storage and an auto center.
HFF arranged construction financing through Icon Bank. The HFF debt placement team representing the borrower included director Michael Johnson and real estate analyst Stuart Hepler.
“The Megacenter partners have proven to be market leaders in the adaptive reuse space and are poised for great success at Megacenter Willowbrook with an innovative mixed-use strategy that plays to the strong demographics in the area and creatively reconfigures the existing Walmart structure into a diverse and resilient income stream,” Johnson said.
Megacenter Willowbrook will be constructed in three phases, with phase one including the 113,940-SF gym and 47,319 square feet of flex space in addition to a 6,810-SF auto center; phase two consisting of 30,754 SF of self storage space and 15,101 SF of office space; and phase three adding 18,439 SF of self storage space and 10,165 square feet of office space.
The project, which broke ground earlier this year, has an expected final completion date of November 2019. Situated on 24 acres at 7075 FM 1960 about 23 miles northwest of downtown Houston, the property is across the street from Willowbrook Mall, a 1.45 million-SF regional mall.
July 31, 2018 Realty News Report Copyright 2018