HOUSTON – (Realty News Report) – Weingarten Realty has sold the Northbrook Shopping Center, a 174,181-SF grocery-anchored retail center in Houston, located at 5264 W. 34th Street.
Houston-based Wu Family Trust purchased the retail center for undisclosed price.
Northbrook Shopping Center is located in a densely populated area in Houston along US 290 with over 140,000 residents within a three-mile radius. El Rancho Supermarket, a Hispanic grocery store, opened in 2017 as the anchor of the shopping center. The retail center is 96.6 percent occupied with 17.9-year average historical occupancy for anchor tenants, providing the center with stability and loyal customers bases.
Mark Witcher, Chris Cozby, Jim Batjer and Blaine Dozier of CBRE National Retail Partners represented Weingarten Realty in the sale.
“Northbrook’s long-term stability, high retention ratio and below-market rents garnered a significant amount of interest,” said Witcher, CBRE Senior Vice President. “The location in the highly-populated and underserved northwest Houston submarket made this a fantastic opportunity for investors.”
Weingarten Realty controls a 34 million SF portfolio with a total of 173 properties which are located in 17 states spanning the country from coast to coast.