HFF announces the sale of Memorial Thicket Corner, an 8,729-square-foot strip center near Houston’s Energy Corridor.
The HFF team marketed the property for the seller, Orr Commercial. A private buyer purchased the asset.
Memorial Thicket Corner is situated on one acre at 14754 Memorial Drive near the corner of Dairy Ashford and Memorial Drive. Given its proximity to Houston’s Energy Corridor, the property serves a daytime population of 94,000 employees, which will increase with the potential relocation of Occidental Petroleum and Transocean to the area, in addition to the affluent residential population of Memorial. More than 122,500 residents earning an average annual household income of $119,174 live within a three-mile radius of the center. The shopping center was completed in 2014 and is fully leased to Mattress Firm, Maple Leaf Dental, Vision Source and USA Nails.
HFF’s investment advisory team representing the seller included senior managing director Ryan West and director John Indelli.
“This deal happened extremely fast despite the bankruptcy of Mattress Firm, which became official only days before closing, and the process start to finish was highly efficient given the strong demand for strip retail in the market today,” West said.
“Given its location at the entrance to a strong retail corridor and proximity to high-income demographics, the property was well received with multiple competitive offers within days of hitting the market,” Indelli added.
Holliday GP Corp. is a Texas licensed real estate broker.
About Orr Commercial
Orr Commercial was started in 1990 by Bobby Orr and is a development and brokerage company specializing in retail commercial development as well as select tenant representation of retail tenants. Its focus in Houston is well located properties typically on freeways or at major intersections. The company is an investment builder, and, through its partners collectively have over 65 years of experience. This local focus allows the company to react quickly to opportunities as they arise. Orr Commercial has developed over 100 shopping centers in the last 18 years with an aggregate value of over 200 million dollars. Visit http://www.orrcommercial.com for more information.
About HFF
HFF and its affiliates operate out of 26 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 visit hfflp.com or follow HFF on Twitter @HFF.
