Sold: Inwood Forest Shopping Center in Northwest Houston
HOUSTON – (Realty News Report) – RPI Interests I Ltd. has sold Inwood Forest Shopping Center in northwest Houston to Fahra International Inc.
The 89,213-sf, two-building project is located at 5700-46 W. Little York Rd. in the near northwest submarket.
David Luther, Bob Conwell and Josh Friedlander of Houston-based NewQuest Properties, represented the seller and sourced the buyer in the just-closed transaction.
The Inwood Forest center is anchored by a 20,460-SF La Michoacana grocery, 20,000-SF Giant $ and 9,800-SF CSL Plasma. The six-acre project is one of the largest retail centers in a densely developed, diverse neighborhood of single-family homes, apartment complexes and condominiums.
“This is a property with a tenant roster that lines up nicely to the challenges that people are facing. At least 75% are essential businesses,” Luther says.
As Texas and other states reopen for business, the pendulum is swinging toward a buyer’s market. In the retail sector, rent collection is one of the utmost concerns.
“Investors with strong balance sheets are continuing to close deals,” Luther says. “Motivated landlords are offering seller financing and short-term rent guarantees, in many cases, to buyers with a large down payment, aggressive terms and the ability to close quickly.”
NewQuest Properties, founded in 2001, owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million SF of commercial space in Texas, Louisiana and throughout the U.S.