An entity linked to Bridgewell Property Administration has acquired two adjoining retail facilities totaling greater than 93,700 sq. toes in Houston. JLL represented the vendor, Whitestone REIT.
The deal concerned the 49,359-square-foot Sunridge Procuring Middle, together with the 44,398-square-foot Westchase Plaza. Eager Realty will handle each properties, whereas Hunington Properties Inc. will deal with leasing.
The pair of procuring facilities have an occupancy price of roughly 80 %. The tenant roster consists of La Tapatia, Little Caesars, Subway, the USA Postal Service, in addition to numerous native retail and medical companies. On common, tenants have remained on the middle for almost 12 years.
Positioned at 3800 & 3700 S. Gessner Highway, the strip facilities sit within the Westchase commerce space and have a visibility to roughly 80,000 automobiles per day. Retail facilities alongside the Gessner hall, spanning from Westpark Highway to Bellaire Boulevard, boast excessive occupancy charges, with retailers tending to remain for the long run, JLL Senior Director John Indelli, mentioned in ready remarks.
Indelli, along with Senior Managing Director Ryan West, in addition to Analysts Clay Anderson and Ryan Olive, led the JLL Retail Capital Markets Funding Advisory workforce representing Whitestone.
Bridgewell and its associates owns of greater than 30 properties within the Houston metro amounting to a complete of two million sq. toes , comprising retail, industrial, storage and mixed-use house.