HOUSTON – (Realty News Report) – DLC Management Corp. has acquired the Wood Ridge Plaza, a 211,218-SF value-add retail strip center in The Woodlands, according to JLL Capital Markets.
JLL marketed the property on behalf of the seller, a real estate fund advised by Crow Holdings Capital.
“This opportunity attracted a large array of buyer interest and serves as evidence of the sector rotation of capital coming back into retail due to the attractive risk reward metrics and recovery from the COVID pandemic,” said JLL’s Rusty Tamlyn, who was part of the transaction team.
Wood Ridge Plaza is positioned on 19.56 acres in Oak Ridge 27 miles north of Houston’s Central Business District. This location along Interstate 45, the primary north-south thoroughfare for the city, exposes the property to 251,129 vehicles per day. The center is in a superior retail trade area across Interstate 45 from The Woodlands Mall, a dominant mall within the Houston MSA, and surrounded by new development in The Woodlands, Houston’s most successful master-planned community. The center serves an affluent and growing trade area that includes more than 166,000 residents with an average annual household income of $147,783 within a five-mile radius.
Built in 1975, Wood Ridge Plaza has been renovated throughout the years and comprises five buildings. The 88.1-percent-leased center is home to a strong lineup of national, regional and local tenants, including Federal American Grill, Kirkland’s, Home Consignment Center, Pappas Bar-B-Q, Skechers, Spec’s, Chair King and Office Depot.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan West and Rusty Tamlyn and Analyst Ethan Goldberg.
“Wood Ridge Plaza continues to attract high-quality tenants seeking proximity to The Woodlands consumer with nearly a mile of visibility and access along I-45,” West said.
In its first Houston acquisition, DLC Management Corp. acquired the asset and engaged a JLL team to secure the acquisition loan on its behalf.
The JLL Capital Markets Debt Advisory team included Managing Director Cameron Cureton and Analyst Jack Britton.
Headquartered in Elmsford, NY (Metro New York), DLC has regional operations in Atlanta, Buffalo, Chicago, Dallas and Washington, D.C.
April 4, 2022 Realty News Report Copyright 2022
File: Woodlands Retail Center Sold
Photo credit: Mabry Campbell
File: JLL Capital Markets. Retail. Woodlands Retail Center Sold to DLC Management Corp.