MetroNational Acquires M-K-T Heights, Expanding Portfolio Outside Of West Houston
Houston-based MetroNational, a family-owned real estate investment, development and management firm, is continuing the significant acquisition spree it started last year. And it's now spreading beyond West Houston.
MetroNational acquired M-K-T Heights, a 218K SF mixed-use redevelopment of former 1970s-era warehouses, the company announced Friday. The deal creates a joint venture between MetroNational, Radom Capital and Triten Real Estate Partners to “build upon the project’s strong foundation.”
Radom and Triten are the original developers of M-K-T, which was completed in 2020. M-K-T transformed five industrial warehouse buildings into a mixed-use destination along Shepherd Drive.
Designed by Michael Hsu Office of Architecture, M-K-T has 100K SF of Class-A creative office space and more than 100K SF of retail and dining, as well as green space and a pedestrian bridge connection to the Heights Hike and Bike Trail. Tenants include Lululemon, Sweetgreen, Mendocino Farms and Ray-Ban.
“Acquiring M-K-T marks an exciting evolution of MetroNational’s strategy,” MetroNational President Scooter Hicks said in a statement. “This asset embodies our commitment to investing in best-in-class developments that are both fundamentally strong and deeply connected to the communities they serve.”
The JV partners plan to preserve what makes the development distinctive while prioritizing tenant experience, community engagement and continued occupancy growth, the release states.
MetroNational is best known as the developer of Memorial City, a 300-acre mixed-use district anchored by Memorial City Mall that encompasses more than 10M SF of developed real estate. While developing more — including the 35K SF Greenside mixed-use project, with Radom Capital leading the retail strategy — MetroNational has seriously upped its acquired real estate.
In October, MetroNational bought the 309K SF retail portion of CityCentre, a mixed-use development by Midway that neighbors Memorial City in West Houston. MetroNational and Radom Capital plan to “reimagine and elevate the retail experience” at CityCentre.
In August, MetroNational acquired 990 Town and Country Blvd., a 442K SF Class-A office building constructed in 2022. The 15-story building was left vacant by Marathon Oil’s departure after it was acquired by ConocoPhillips.
The 990 Town and Country Blvd. acquisition was MetroNational’s largest in a decade.
Next to M-K-T, Radom Capital and Triten Real Estate Partners are redeveloping historic packing plant buildings into 35K SF of office space and 25K SF of retail space. The project, called The Swift Bldg, is 80% preleased and slated for delivery in the second quarter.
