HOUSTON – (Realty News Report) – Fairway Retail Center, a fully leased strip retail property in Pasadena, has been acquired by a private investor group managed by Concierge Management and led by Akbarali Momin.
JLL Capital Markets marketed the property on behalf of the seller, an affiliate of Camden Securities Company.
The 50,000-SF center, completed in 2002 and is home to a diverse mix of national and local tenants that includes Mattress Firm, Chipotle, Pearle Vision, GameStop, Ramen Sun, Lovett Dental, Vitamin Shoppe, Massage Heights, AMC Nails, Wingstop and Jersey Mike’s. The center is shadow anchored by Target, Kohl’s and Hobby Lobby.
‘Strategic Location’ – Rusty Tamlyn of JLL
“Fairway Retail Center has been a consistently well-occupied strip retail center even through the pandemic due to its small space configuration and location in front of top-performing Target and Kohl’s locations,” said Rusty Tamlyn of JLL Capital Markets. “It also enjoys a strategic location at the intersection of the Sam Houston Tollway at Fairmont Parkway in Pasadena with great access and visibility.”
Situated on 4.63 acres at 5575-5769 Fairmont Pkwy., the center has frontage along the primary east-west thoroughfare in Pasadena, a suburb 10 miles southeast of downtown Houston, and near Beltway 8, one of Houston’s primary outer loops. Fairway Retail Center serves a growing trade area housing 87,714 residents earning an average annual household income of $76,860 within a three-mile radius.
The retail center market in the Houston area benefits from a growing population, which has reached approximately 7.2 million.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Rusty Tamlyn and Ryan West and Analyst Bryan Strode. George Tesfa with Commercial Partners represented the buyer in the sale.
JLL also placed 10-year, fixed-rate acquisition loan with Starwood Mortgage Capital.
The JLL Capital Markets Debt Advisory team representing the new owner included Senior Director Michael Johnson and Analysts Jack Britton and Stuart Hepler.
JLL Capital Markets has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Sept. 24, 2021 Realty News Report Copyright 2021
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File: Momin Group Buys Center
Photo: Courtesy JLL Capital Markets
File: (2) Retail. Pasadena.Concierge Management. Akbarali Momin. Momin Group Buys Center on Fairmont Parkway
JLL Capital Markets