Sign In  |  Register  |  About Santa Clara  |  Contact Us

Santa Clara, CA
September 01, 2020 1:39pm
7-Day Forecast | Traffic
  • Search Hotels in Santa Clara

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Hanley Investment Group Arranges Sale of 180,000 SF Target Shadow-Anchored Shopping Center in Houston, Texas

Hanley Investment Group Arranges Sale of 180,000 SF Target Shadow-Anchored Shopping Center in Houston, Texas

HOUSTON, Texas - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm recently completed the sale of Northwest Crossing Centre, a 180,000-square-foot shopping center shadow-anchored by Target in Houston, Texas. Tenants included in the sale were Burlington, Dollar Tree, Marshalls, Planet Fitness, Hibbett Sports and pOpshelf, and single-tenant pads Chick-fil-A, James Coney Island, Red Lobster and Whataburger.

Hanley Investment Group's Executive Vice President Kevin Fryman and President Ed Hanley, in association with ParaSell, Inc., represented the seller, USA Properties, Inc. of San Diego, California. The buyer was Wu Properties, based in Houston.

"We utilized cross-marketing from an existing anchored-shopping center that Hanley Investment Group had listed for sale in Houston to identify the buyer for Northwest Crossing Centre," said Fryman.

"Rising interest rates and the talk of a possible recession had no impact on Wu Properties' decision-making when acquiring this asset nor their future outlook for the Houston retail market, especially the submarkets the company targets," Fryman noted. "In fact, while institutional investors have pulled back from acquisitions given the uncertainty, Wu Properties continues to pursue opportunities."

Fryman continues, "Wu Properties believes that the Houston region will continue to gain jobs and population, driving demand for additional retail space in the Houston area so vacancy rates will remain low. Wu Properties continues to look for additional assets to acquire and it is their intention to do so throughout 2023. The capital they deploy is only dependent upon the assets available to acquire that fit within their acquisition criteria."

The property is located at 5770 Hollister Street and 13238 Northwest Freeway in Houston and was 94% occupied at the time of the sale. The property, which was over 20 acres, was built in 1993, with the most recent pad building developed in 2010.   

Northwest Crossing Centre benefits from excellent visibility from Northwest Fwy/US 290 and the area's growing population. Currently, the daytime population within a five-mile radius of the shopping center is 328,000 people.

Houston is Texas' most populous city and the fourth largest city in the U.S. Its 2.3 million citizens are spread among the city and Harris County, with a density of 3,663 people per square mile. The population of the Houston-The Woodlands-Sugar Land metropolitan area in 2021 was estimated to be about 7.21 million people.

In late December, Hanley Investment Group arranged the sale of a 42,800-square-foot Walgreens-anchored shopping center, shadow anchored by Kroger grocery store, which is located in an affluent Houston suburb. The seller was an institutional owner. "The recent sales of these anchored and shadow-anchored shopping centers in the Houston area demonstrate that shopping centers with great fundamentals are still trading at favorable cap rates," Fryman noted.   

"Although rising interest rates are putting pressure on cap rates, those properties with the best tenant mix in the best locations have been impacted the least. It is all down to real estate fundamentals - the location, the tenants and the lease terms," Fryman said.

Fryman adds, "While many institutional investors are on the sidelines due to market volatility, there are still ample private and family office buyers actively pursuing larger shopping centers that would typically only be available to an institutional buyer."

Wu Properties

Wu Properties is a fast-growing Houston-based investment firm founded by Steve Wu 13 years ago. They are strategic buyers focusing primarily on the best grocery-anchored retail shopping centers or power centers in the various submarkets they target. Wu Properties leverages their regional market knowledge and retail expertise to enhance investors' returns. While primarily a value-add purchaser, Wu Properties has done several ground-up developments and seeks opportunities wherever possible. Wu Properties currently owns and manages their 23 properties containing over 2.75 million square feet of retail space primarily in the Houston area. Kirt Rimpela, who oversees asset management, property management, and leasing for Wu Properties, works closely with Mr. Wu to ensure the goals established for each asset are achieved.  

About Hanley Investment Group 

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $10 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.

For more information, visit www.hanleyinvestment.com

Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Kevin Fryman, Executive Vice President
Email: Send Email
Phone: 949.585.7674
Address:3500 E. Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/


Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SantaClara.com & California Media Partners, LLC. All rights reserved.