HOUSTON – (Realty News Report) – Pine Ridge Real Estate has acquired Uptown Plaza, a 28,000-SF strip retail center at a prime intersection in Houston, according to JLL Capital Markets.
The center’s tenants include Grotto, an Italian restaurant that is part of the Fertitta-owned Landry’s organization.
JLL represented the seller in the deal. Pine Ridge Real Estate of Houston acquired the asset in an all-cash transaction.
The shopping center is exposed to thousands of passing cars daily. Located at 4715 Westheimer Road., Uptown Plaza sits at the intersection of Westheimer and Loop 610 and is surrounded by numerous high-end retail destinations, such as River Oaks District, The Galleria, Highland Village and BLVD Place. Within a three-mile radius of the property is a population of over 203,000 residents, and within a one-mile radius an average household income of $164,432.
The property attracts consumers from Houston’s most affluent residential neighborhoods, including River Oaks, Tanglewood and Montrose. Retail fundamentals in the inner-loop River Oaks submarket remain strong boasting a 3.3 percent vacancy rate, and across the Houston MSA retail rents have grown 5.6 percent year over year. The center is situated on 2.7 acres and presents the possibilities for future redevelopment.
The JLL Retail Capital Markets team that represented the seller was led by Ryan West, John Indelli and Erin Lazarus.
“Uptown Plaza represented the rare opportunity to acquire a high-quality inner-loop asset and will make an excellent addition to the buyer’s growing portfolio,” said West. “The strength of the retail fundamentals driven by strong population growth, as well as the barriers to entry for new retail supply, are driving strong rental rate growth, firmly positions this retail market for future success.”
Developed in 2002, the 100-percent-leased Uptown Plaza is currently occupied by CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto. The property features an average tenure of over 12 years and a weighted average remaining lease term of three years.
July 18, 2023 Realty New Report Copyright 2023
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File: Uptown Retail Center Acquired