|
|
2/14/23
|
Stables Town Center I, a 42.8k sf shopping center anchored by Walgreens and shadow-anchored by Kroger in an affluent suburb in the Houston, TX metro area, was acquired by locally-based Wu Properties.
Built in 2001, the property is located on just under five acres at 18425-18535 Champion Forest Dr, at the signalized intersection of Spring Cypress Rd and Champion Forest Dr in Spring, Texas. Tenants include Walgreens, which represents 63% of Stables Town Center’s current tenancy, Texas American Title, Elite Spine and Health Center, and Coldwell Banker. Nearby retailers include Kroger, Chipotle Mexican Grill, Taco Bell, Burger King, Pizza Hut, Wendy’s, Dutch Bros, Chase bank, Imagine early education and childcare center, Postal Annex+ and Massage Envy. The average household income within a one-mile radius is more than $151k. Within a five-mile radius, there are more than 252,000 people.
Kevin Fryman with Hanley Investment Group Real Estate Advisors, in association with ParaSell Inc, represented the seller in the deal. According to Fryman, the property was 53% occupied at the time of the sale.
“Investors were attracted to the positive lease-up outlook given the shopping center’s short-term leases and available pad building and shop space,” Fryman noted. “The buyer waived contingencies within 10 days of executing the purchase agreement and closed escrow in 45 days."
The Houston Metropolitan Statistical Area is the fourth largest U.S. MSA with a population of 7 million people. The region’s population is expected to increase by 17% from 2020 to 2029. The Houston MSA is the nation’s energy capital and a leader in national employment. The forecasted gross metropolitan product (GMP) of the Greater Houston area was $543 bil and was ranked the seventh largest U.S. metro economy in 2021. The Houston MSA had the second largest concentration of Fortune 1000 companies in the country (49 companies) and houses 22 Forbes Fortune 500 companies.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
