HOUSTON, July 24, 2023 -JLL Capital Markets announced today that it has closed the sale of two adjacent Houston retail centers, including the 49,359-square-foot Sunridge Shopping Center (Sunridge) and the 44,398-square-foot Westchase Plaza (Westchase).
JLL worked on behalf of the seller, Whitestone REIT. An entity controlled by Houston-based Bridgewell Property Management, LLC acquired both assets. The privately held Bridgewell and its affiliates own over 30 retail, industrial, storage and mixed-use properties totaling 2 million square feet in the Houston MSA.
Situated in the Westchase trade area, Sunridge Shopping Center (3800 S. Gessner Rd.) and Westchase Plaza (3700 S. Gessner Rd.) are located at the northwest and southwest corners of Westpark Drive and S. Gessner Road. The hard corner locations provide the centers with excellent visibility to almost 80,000 vehicles per day. The immediate trade area has been the recipient of tremendous tenant demand, as well as little new supply additions and is now approximately 97% leased. Tenants are drawn to the area's density with over 30,000 residents within a one-mile radius.
Institutionally managed and leased by the Whitestone REIT for over 20 years, Westchase and Sunridge are 80% leased shopping centers featuring a tenant lineup of La Tapatia, Little Caesars, Subway, United States Postal Service and several additional local retail and medical tenants. The average tenure at the center is 11.7 years.
The JLL Retail Capital Markets Investment Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analysts Clay Anderson and Ryan Olive.
"Retail centers on the Gessner corridor between Westpark Rd. and Bellaire Blvd. have very high occupancy rates. Retailers rarely leave once they're here because density and traffic are off the charts," Indelli said. "Not often do these centers trade hands, and as a result, Westchase and Sunridge were extremely sought-after with high buyer competition."
The two properties will be managed by Keen Realty and leased by Hunington Properties, Inc.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 24 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2023 16:35:06 UTC.
