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2/21/23
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Houston-based Wu Properties purchased Northwest Crossing Centre, a 180k sf shopping center shadow-anchored by Target in Houston, TX. Tenants included in the sale were Burlington, Dollar Tree, Marshalls, Planet Fitness, Hibbett Sports and pOpshelf, and single-tenant pads Chick-fil-A, James Coney Island, Red Lobster and Whataburger.
Located at 5770 Hollister St and 13238 Northwest Fwy in Houston, the asset was 94% occupied at the time of the sale. The property, which covers over 20 acres, was originally built in 1993, with the most recent pad building developed in 2010.
Northwest Crossing Centre benefits from excellent visibility from Northwest Fwy/US 290 and the area’s growing population. Currently, the daytime population within a five-mile radius of the shopping center is 328,000 people.
Kevin Fryman and Ed Hanley with Hanley Investment Group Real Estate Advisors, in association with ParaSell Inc, represented the seller, USA Properties Inc of San Diego. The price was not disclosed.
“We utilized cross-marketing from an existing anchored-shopping center that Hanley Investment Group had listed for sale in Houston to identify the buyer for Northwest Crossing Centre,” said Fryman.
“Rising interest rates and the talk of a possible recession had no impact on Wu Properties’ decision-making when acquiring this asset nor their future outlook for the Houston retail market, especially the submarkets the company targets,” Fryman noted. “In fact, while institutional investors have pulled back from acquisitions given the uncertainty, Wu Properties continues to pursue opportunities.”
Houston is Texas's most populous city and the fourth largest city in the U.S. Its 2.3 million citizens are spread among the city and Harris County, with a density of 3,663 people per square mile. The population of the Houston-The Woodlands-Sugar Land metropolitan area in 2021 was estimated to be about 7.21 million people.
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