Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and the acquisition financing for Eldridge Lakes Town Center, a 35,530-square-foot retail strip center shadow anchored by Kroger in northwest Houston.
The HFF team marketed the property on behalf of the seller, Edifis Group. Wu Investments purchased the property for an undisclosed amount. Additionally, working on behalf of the new owner, the HFF team placed the seven-year, fixed-rate loan with First Community Credit Union.
Constructed in 2003, the 93-percent-leased Eldridge Lakes Town Center is home to State Farm, Subway, Metro PCS, Liquor & Liquors, Little Caesar’s Pizza, Sport Chiropractic, Spectrum Eye Care, True Care Dental and TGF Haircutters in addition to the non-owned Kroger anchor, Walgreens and McDonald’s. Situated on 4.32 acres at 6350 North Eldridge Parkway approximately 21 miles northwest of downtown Houston, the property is at the northwest corner of North Eldridge Parkway and West Little York Road, where it is seen by approximately 70,000 vehicles a day, making the intersection one of northwest Houston’s busiest locations. More than 89,873 residents earning an average annual household income of $102,091 live within three-miles of Eldridge Lakes Town Center.
HFF’s investment advisory team included senior managing director Ryan West and associate John Indelli.
HFF’s debt placement team included director Michael Johnson.
“We had a deep pool of prospective buyers attracted to yet another opportunity in Houston to increase rents as well as re-tenant the space previously occupied by Petco’s Unleashed concept,” West said.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.
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 Wu Investments
Wu Investments is a Houston-based firm that currently owns several retail centers throughout Texas and Ohio. In addition, the firm is currently developing an additional three locations in the Greater Houston area with tenants, including Aldi, Starbucks and Sprint. Tenants within Wu’s portfolio include Kroger, Steinmart, Dollar Tree, Bank of America, Subway, AT&T, Goodwill and several others.
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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visithfflp.com or follow HFF on Twitter @HFF.