A NewQuest Properties-led partnership has sold the 71,107-sf Westlake Shopping Center in west Houston to an entity of locally based VKC Group, accepting an unexpected off-market offer as the catalyst for its first disposition in seven years of an anchored retail project.
The 95%-leased center's anchor is 24 Hour Fitness. The 6.5-acre property is situated at the high-traffic intersection of Fry and Saums roads near the Houston-Katy line.
Brad Elmore, vice president of Houston-based NewQuest, represented the seller of record, A-S 80 Westlake-Retail Shops LP, Westlake Partnership A and Westlake Partnership B. Matt Berry and Robbie Kilcrease of CBRE brokered the transaction for the buyer, Rising Sale Westlake LLC.
"The offer was well-timed because NewQuest had been looking to prune the portfolio," Elmore says. "The buyer aggressively pursued this property as its first major acquisition." From contract to closing, the transaction was completed within six months.
NewQuest has owned Westlake Shopping Center since 2005, backfilling a shuttered Albertsons grocery store with a 31,126-sf 24 Hour Fitness to anchor 39,981 sf of inline space. The mix of tenants caters to basic neighborhood services and fast-food restaurant options. Recently, a section of the parking lot has been leased to a variety of food truck vendors to capitalize on the current craze sweeping America. NewQuest's Ryan Kelsall will continue to lease the center for the new owners, Sam and Ricky Agrawal of VKC Group. NewQuest also remains in place as the property manager.
Westlake Shopping Center is surrounded by single-family residential developments. Within the five-mile trade area, the population is nearly 269,000 and the average annual household income is pushing $103,000.
Strategically located at a going-home corner, Westlake Shopping Center is situated just one mile north of Interstate 10/Katy Freeway. More than 46,600 vehicles per day pass the center on the five-lane Fry Road en route to the interstate and TX 290/Northwest Freeway. The daily vehicle count is nearly 14,000 on Saums Road, an east-west artery leading to Old Katy, Barker Cypress and places beyond.
"Westlake Shopping Center historically has been well leased because it's located at such a high-traffic intersection in a densely populated area at the edge of Katy, one of the fastest growing cities in the region," Elmore says. "This stabilized property will be a good addition for the buyer's portfolio."
SOUTH TEXAS SALES
A-S 80 Westlake-Retail Shops LP, Westlake Partnership A and Westlake Partnership B have sold the 71,107-sf Westlake Shopping Center, located at the intersection of Fry and Saums roads, Houston, to Rising Sale Westlake LLC. Brad Elmore of NewQuest Properties represented the seller. Matt Berry and Robbie Kilcrease of CBRE represented the buyer.
Greene 21 Ltd. has sold a 2.05-acre industrial tract at the intersection of TX 249 and W. Greens Rd., Houston, to Tomball Equity LLC. Jeff Lokey of NewQuest Properties represented the seller in the direct deal.
JHMH Equity Venture Ltd. has sold 1.24 acres at the intersection of US Hwy 290 and Hempstead Highway, Houston, to US 290 LLC. Jeff Lokey of NewQuest Properties represented the seller. Joey King of RE/MAX Metro represented the buyer.
SOUTH TEXAS LEASES
Hometown Family Dentistry has leased 2,500 sf of medical office space in Triumph Center, 7030 FM 1488, Magnolia, from SHOW Properties. Ashley Strickland of NewQuest Properties represented the tenant in the direct deal.
Burgerim has leased 1,400 sf of retail space in Saratoga Town Center, 6418 S. Staples St., Corpus Christi, from NewQuest Properties. Bob Conwell and David Meyers of NewQuest Properties represented the landlord. Claudia Alcaraz of RE/MAX Town & Country represented the tenant.
NORTH TEXAS LEASE
Ace Periodontics & Implant Dentistry has leased 2,281 sf of medical office space in Frisco Ranch, located at the intersection of Preston Road and Warren Parkway, Frisco, from NewQuest Properties. Heather Nguyen and John Nguyen of NewQuest Properties represented the landlord. KC Cheah of KCC Realty LLC represented the tenant.
