Property Commerce Dividend Fund purchased two retail properties totaling 99k SF in the metro area. The sale includes the 85k SF Spring Town Center and the 18k SF Winchester Town Center. HFF senior managing director Ryan West led the team that marketed the assets for the seller.
Completed in stages between 2003 and 2005, Spring Town Center is 98% leased to national and regional tenants. The center is also shadow-anchored by Walmart. Winchester Town Center, at 9344 Jones Road, was completed in 2004. The center is fully leased and shadow-anchored by Kroger.
“These deals are great examples of how quickly a new suburban development in Houston can become an attractive growth vehicle for an investor,” Ryan said. “When it was built 10 years ago, Spring Town Center was in the path of growth and pushed the upper limits of rental rates at the time. Today, it has characteristics of an infill asset, certainly as it relates to below-market rents and tenant demand for space in the center."
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