MetroNational Ups West Houston Holdings With CityCentre Retail Deal
MetroNational, the private real estate firm best known for developing Memorial City, acquired the retail portion of neighboring mixed-use district CityCentre.
The purchase of 309K SF of retail real estate from CityCentre developer Midway follows MetroNational’s August acquisition of 990 Town & Country Blvd., a vacant, 442K SF office building. The sale price wasn't disclosed.
MetroNational ranks among Houston’s largest commercial property owners with Memorial City, a 300-acre mixed-use district anchored by Memorial City Mall, encompassing more than 10M SF of developed real estate.
At the corner of I-10 and Beltway 8, CityCentre is a 47-acre mixed-use development centered around green space. MetroNational’s purchase doesn't include CityCentre’s office, hotel or apartment components, of which Midway will retain ownership.
“We believe CityCentre is a legacy asset that will perform for many more decades,” MetroNational CEO Jason Johnson said in a release. “Together, Memorial City and CityCentre expand the footprint of premier amenities, supporting our vision for a ‘city within the city.’”
Completed in 2009, CityCentre has more than 20 food and beverage concepts and popular retailers including Anthropologie, Kendra Scott and West Elm. CityCentre is also home to entertainment concepts including Star Cinema Grill, a movie theater renovated last year.
MetroNational and Radom Capital plan to “reimagine and elevate the retail experience” at CityCentre. The developers also partnered on the Greenside project, where Radom is leading the retail strategy. Greenside is an adaptive reuse project just north of I-10 at 1085 Gessner Road, with nearly an acre of green space surrounded by retail, dining and service providers.
MetroNational founder Joseph Johnson purchased 200 acres off of Gessner Road in 1959 and began developing Memorial City in 1962.
“When Midway began developing CityCentre 20 years ago, our goal was to create a place that not only enriched the community but would stand the test of time — and I believe we’ve accomplished that,” Midway Chairman Brad Freels said in the release.
“Our next goal was to ensure CityCentre’s continued success by aligning it with organizations that think generationally. MetroNational and the Johnson family embody that philosophy.”
MetroNational represented itself. JLL represented TriGate Capital, the ownership entity of CityCentre's retail real estate.
