HFF Closes Sale of Fully Occupied Retail Center Near Houston

5/8/17

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Grand Crossing II, an 8,500-square-foot, newly developed, fully leased retail strip center located at the confluence of Interstate 10 and Grand Parkway in the Houston-area suburb of Katy, Texas.

HFF marketed the asset on behalf of the seller, Edifis Group. Urbahns Property Group purchased the property free and clear of existing debt.

Grand Crossing II is 100 percent leased to Sleep Number, GrandLux Nail and American Dental Partners. Completed in 2016, the one-building strip center is shadow anchored by Costco. Situated on a full acre at 23641 Katy Freeway, Grand Crossing II is at the highly visible southwest corner of where Interstate 10 and Grand Parkway meet, providing the center visibility from more than 357,000 vehicles per day. The property is part of the larger 125-acre Grand Crossing mixed-use development, which upon completion will include state-of-the-art multi-housing, office and retail uses that will be fully walkable. Approximately 93,101 people earning an average annual household income of more than $107,000 live within a three-mile radius of the center.

Katy is one of the fastest-growing residential communities in the United States due to its quality of life, great schools and low crime rate. There are several globally recognized corporations headquartered within a few miles of Katy (and Grand Crossing), including Igloo, BP Americas, ConocoPhillips and Academy Sports & Outdoor as well as premier medical facilities. Due to these factors, Katy has been the recipient of several awards and accolades including “100 Best Places to Live” by Relocate America and “Top Houston-area School District” by Niche.

The HFF investment sales team representing the seller was led by senior managing director Ryan West.

About Edifis Group

Edifis Group is a private, fully integrated Texas real estate investment firm specializing in quality income-producing assets and development opportunities. The firm’s focus is on existing and undeveloped assets in the retail, industrial, office and multi-family sectors. It targets institutional-grade properties with favorable supply-demand fundamentals. Edifis’ relationships, diligence and execution provide investors access to exceptional real estate investment opportunities. Learn more at http://edifisgroup.com.

About Urbahns Property Group

Established in 1981, Urbahns Property Group has developed almost every type of real estate, including multi-family residential subdivisions, apartment complexes, medical office, industrial, flex and office buildings, with its main focus being retail shopping centers. The company is headquartered in Indianapolis, Indiana, but has built properties in nine different states. For more information, visit http://urbahns.com.

About HFF

Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are 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, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.

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