Uptown Plaza. Picture courtesy of JLL
Pine Ridge Actual Property has acquired Uptown Plaza, a 28,000-square-foot retail heart in Houston, in an all-cash transaction. JLL represented the vendor within the deal.
Positioned at 4715 Westheimer Street on the junction between Westheimer and Interstate 610, the buying heart offers handy entry to a number of Houston residential neighborhoods, together with River Oaks, Tanglewood and Montrose.
In-built 2002, the strip heart sits on a 2.7-acre plot, providing potential for future redevelopment. On the time of the sale, Uptown Plaza was 100% leased to tenants together with CVS, Imaginative and prescient Nook, Fizz Nails and Grotto, EG Geller Sneakers, Lesley Ann Jewels and Alchemy 43. The property options a median tenure of greater than 12 years and a weighted common remaining lease time period of three years. The world’s demographics are favorable, with the common family earnings inside a 1-mile radius at virtually $165,000.
In accordance with JLL, retail fundamentals within the River Oaks submarket stay robust, with the emptiness price at solely 3.3 p.c. Throughout Houston, retail rents grew by 5.6 p.c year-over-year. The robust rental price is pushed by wholesome inhabitants progress coupled with the challenges for brand spanking new entrants within the retail provide market, stated JLL Senior Managing Director Ryan West in ready remarks. West, along with Senior Director John Indelli and Director Erin Lazarus, labored on behalf of the vendor.
