(Photo Courtesy: Mabry Campbell)
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for the Market at Lake Houston, a 101,791-square-foot, fully leased, H-E-B-anchored retail center in the Houston suburb of Atascocita, Texas.
HFF marketed the property on behalf of an undisclosed institutional client. Westwood Financial Corporation purchased the asset. Additionally, HFF worked on behalf of the new owner to secure acquisition financing as part of a larger portfolio with Nationwide Life Insurance Company.
The Market at Lake Houston was completed in 2002 and is fully leased to national and regional tenants, including H-E-B, Sally Beauty Supply, Payless ShoeSource, GameStop, VIP Nails and Spa, Five Guys, Market Cleaners, Leslie’s Swimming Pool Supplies and Subway. Situated on 13.856 acres at 7402 FM 1960 Road East, the center is at the “main and main” intersection of the most heavily trafficked intersection in northwest Houston, which sees more than 69,000 vehicles per day. More than 65,750 residents earning an average annual household income of approximately $112,709 live within a three-mile radius of the Market at Lake Houston.
HFF’s investment sales team was led by senior managing directors Rusty Tamlyn and Ryan West.
HFF’s debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and directors Jamie Kline and Matthew Putterman.
“This center garnered a wide level of interest, given its strong H-E-B sales and that very few H-E-B-anchored retail centers in Texas come up for sale where H-E-B is a tenant versus H-E-B owning its store,” West said.
About Westwood Financial Corp.
For over 40 years, investors have turned to Westwood Financial Corp. for proven returns on strategic real estate investments. Under the direction of founders Howard S. Banchik and Steven J. Fogel and, now, Joe Dykstra as its CEO, the company has successfully acquired and sold hundreds of income-producing properties, generating substantial profits for its partners. In the process, Westwood Financial Corp. has earned a reputation and longevity that is unparalleled in the shopping center world.
Westwood Financial Corp. continues this tradition today with a staff of over 71 retail experts directing a portfolio of over 120 shopping centers in 26 metropolitan markets, with four other retail assets in Houston. Westwood Financial Corp. is fully integrated in asset management, property management, leasing and acquisition efforts from its Los Angeles headquarters and regional offices in Dallas, Atlanta and Scottsdale, Arizona.
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.