HOUSTON-(Realty News Report) – Tarantino Properties has acquired Cypress Pointe, a 173,344-SF Kroger-anchored shopping center on FM 1960 in the Cypress area of Houston for about $25 million.
JLL marketed the property on behalf of the seller, Weingarten Realty Investors, a Houston retail REIT traded on the New York Stock Exchange.
Cypress Pointe is 99.1 percent leased and home to a diverse tenant roster of grocery, discount department, food and beverage, professional services and health and beauty tenants.
“I am excited to add Cypress Pointe Shopping Center to our portfolio of income-producing assets,” said Anthony Tarantino, president of Tarantino Properties of Houston. “Cypress is a well-located and tenanted shopping center with Kroger as an anchor, and Ross Dress for Less and Five Below as new tenants.”
Situated on 16.43 acres at 302-430 F.M. 1960 West, the property is along one of north Houston’s primary east-west roadways proximate to where it intersects at Interstate 45.
More than 106,000 residents earning an average annual household income of $75,409 live within a three-mile radius of Cypress Pointe.
The JLL Capital Markets investment advisory team representing the seller included George Cushing, Wendy Vandeventer and Meaghan Gallacher.
Tarantino Properties engaged JLL to place the 10-year, fixed-rate acquisition loan with Morgan Stanley Bank. JLL will service the securitized loan.
The JLL Capital Markets debt placement team representing the borrower was led by Managing Director Cortney Cole and Senior Vice President James Brolan.
Additionally, in a separate transaction, JLL marketed a 4,517-SF, single-tenant restaurant building was sold by Weingarten to Tarantino. The building, located adjacent to Cypress Pointe, is triple net leased to Chick-fil-A.
Weingarten is a Houston-based REIT that controls 170 shopping centers, with 33 million SF in 17 states.
In another Houston deal, Weingarten recently acquired the Shops at Hilshire Village, a 118,000-SF retail center at the northwest corner of Wirt Road and Westview in Spring Branch area.
Nov. 13, 2019 Realty News Report Copyright 2019 …Houston 2020: America’s Boom Town – An Extreme Close Up —Available on Amazon http://tiny.cc/4a2g6y
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