A Taiwanese family trust purchased a brand new 100% pre-leased retail property in the hot Spring submarket. It's one of several excellent properties being developed in the booming northern Houston suburbs that have been targeted recently by an influx of foreign buyers eager to place capital in Texas, says HighStreet Net Lease Group’s Matt Moake, who repped both parties in the off-market transaction. He tells us the group is actively buying and developing retail properties throughout Spring and The Woodlands. The seller was able to exit the property at its desired price so it can focus on future retail developments.
Matt says he's been working with several different Asian groups aggressively seeking properties and willing to accept the risk of lesser credit tenants in exchange for an attractive return. He's anticipating continued rental growth in that submarket for the next several years, which obviously creates tremendous potential future value for owners of well-located centers with a history of stabilized occupancy even in tougher economic times.
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