HOUSTON – Telephone Square LLC., a California investment entity led by Ai Hoa Wu, has acquired a 73,000-SF retail center near Houston’s Hobby Airport.
The Kroger-anchored center, which is 92 percent leased, is located at the northwest corner of Telephone Road and Bellfort Avenue.
The seller, Houston REIT Weingarten Realty Investors, was represented by George Cushing and Wendy Vandeventer of JLL. JLL’s Jimmy Board arranged $6.2 million in financing from Deutsche Bank.
The Glenbrook Square Shopping Center is 10 miles southeast of Houston’s Central Business District. Situated in a dense residential base, there are more than 331,000 people within a five-mile radius of the shopping center. Furthermore, the population in the same area is expected to grow by 4.9 percent by the year 2020 due to ease of access to Houston’s largest employment centers. JLL said.
“High-traffic and well-located retail space in Houston continues to attract investor interest,” said Cushing. “With strong sales, low occupancy costs and a stable small shop component, Glenbrook Square presented both the buyer and seller with an opportunity to capitalize on a high performing shopping center with a strong history of institutional ownership.”
Sept. 8, 2016 Realty News Report Copyright 2016