HOUSTON –Northline Commons, a 478,584-sf retail power center in Houston, has been sold, according to HFF. Northline Commons is a redevelopment of the Northline Mall that was originally built in the 1960s. Completed in 2009, the new center is 86 percent leased and anchored by Marshalls, Ross Dress for Less, Burlington Coat Factory, Conn’s and Palais Royal. The property is located at the northeast corner of Interstate 45 and Crosstimbers in north Houston, and is shadow anchored by a Wal-Mart Super Center.
HFF exclusively represented the seller, Berenson Associates, in the sale of the property to an affiliate of North American Development Group (NADG). NADG was led by Stephen Preston of the Dallas office.
The HFF team representing Berenson Associates was led by senior managing director Rusty Tamlyn and managing director Ryan West.
“Northline Commons was marketed as an ‘off market’ deal. Many buyers have indicated to us they prefer this method of purchasing assets as they feel they have a better shot at buying the property and it is a better use of their people resources. We convinced the seller to allow us to use this approach, which generated multiple offers in a short time frame,” said Tamlyn.
North American Development Group has been involved in the acquisition, development, redevelopment and management of more than 200 retail centers comprising more than 25 million square feet with an enterprise value in excess of $3 billion. In the last two years, the firm has acquired more than $600 million of retail properties throughout the USA comprising over four million sf. Based in West Palm Beach, Fla., NADG has 11 offices across North America.