Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Renaissance Center, a 97,279-square-foot, value-add, grocery-anchored retail center near the Texas Medical Center in Houston, Texas.
HFF marketed the property on behalf of the seller, Lionstone Investments. Williamsburg Enterprises Limited purchased the asset for an undisclosed price free and clear of existing debt.
Renaissance Center is anchored by H.E.B, one of the largest independent food retailers in the U.S. and the premier grocer in Texas. Completed in 1996, the center is also home to eight tenants, including Taco Bell, BB&T Bank, Texas Department of Human Services, Watermill Express and U.S. Renal Care. Situated on 9.603 acres at 6102 Scott Street, Renaissance Center is located at the southwest corner of Old Spanish Trail and Scott Street. The retail center is inside of Houston’s Interstate 610 inner loop less than two miles from the Texas Medical Center and downtown Houston, two of the major employment bases in the city. The property’s dense, infill location has more than 135,000 residents living within a three-mile radius.
HFF’s investment sales team was led by senior managing directors Ryan West and Rusty Tamlyn.
“The center is in a very urban, infill location with tremendous value-add opportunity, which the buyer is immediately implementing,” West said. “This opportunity reflects the re-gentrification occurring in several different pockets inside the Interstate 610 Loop.”
About Lionstone Investments
Lionstone’s objective is to identify and execute smart investments by understanding the evolution of internationally competitive cities, then pinpointing where the most productive people in America want to live and work—Places for Productive People®. Since the firm’s inception in 2001, Lionstone has endeavored to consistently generate attractive, risk-adjusted returns on real estate on behalf of our institutional investors and high net worth individuals. Lionstone currently manages over $5.4 billion in assets. The business is organized across three investment platforms, each one offering growth opportunities at different points in the real estate cycle. Not being pressured to invest at specific times in the capital market is a major strength, reflective of Lionstone’s culture of high performance and steadfast trust. Please visit the company’s website at lionstoneinvestments.com.
About Williamsburg Enterprises Limited
Williamsburg Enterprises Limited (Williamsburg) is a closely held investment company that was founded to manage the assets of a private local family. While the firm still operates as a family office, it has since grown to sponsor investment partnerships that include other family offices and private investors and is very active in Houston for retail and office acquisition and development. Learn more athttp://williamsburgent.com.
About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.comor follow HFF on Twitter @HFF.
