HOUSTON, Jul. 18, 2023 – JLL Capital Markets announced today that it has closed the sale of Uptown Plaza, a 28,000-square-foot neighborhood strip retail center located in the prime retail corridor of Houston, Texas.
JLL represented the seller in the transaction. Pine Ridge Real Estate acquired the asset in an all-cash transaction.
Developed in 2002, the 100-percent-leased Uptown Plaza is currently occupied by CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto. The property features an average tenure of over 12 years and a weighted average remaining lease term of three years.
Located at 4715 Westheimer Rd., Uptown Plaza sits at the intersection of Westheimer and Interstate 610 and is surrounded by numerous high end retail destinations, such as River Oaks District, The Galleria, Highland Village and BLVD Place. The Property attracts consumers from Houston’s most affluent residential neighborhoods, including River Oaks, Tanglewood and Montrose. Retail fundamentals in the inner-loop River Oaks submarket remain strong boasting a 3.3% vacancy rate, and across the Houston MSA retail rents have grown 5.6% YoY. The property is situated on 2.74 AC and presents the possibilities for future redevelopment in an unmatched location. Additionally, within a three-mile radius of the property is a population of over 203,000 residents, and within a one-mile radius an average household income of $164,432.
The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Director Erin Lazarus.
“Uptown Plaza represented the rare opportunity to acquire a high-quality inner-loop asset and will make an excellent addition to the buyer’s growing portfolio,” said West. “The strength of the retail fundamentals driven by strong population growth, as well as the barriers to entry for new retail supply, are driving strong rental rate growth, firmly positions this retail market for future success.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in 50 countries.
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