HFF announces the sale and acquisition financing of Northwood Plaza, a 136,747-square-foot grocery-anchored retail center in the northeast part of Houston, Texas.
The HFF team marketed the property on behalf of the seller, Brixmor Property Group. A private buyer purchased the asset. Additionally, the HFF team placed the fixed-rate loan with Amerant Bank, formerly Mercantil Bank.
Anchored by Food City, a grocer local to Houston, Northwood Plaza is 91 percent leased and features a variety of national and local tenants, including Melrose, Supreme Beauty Supply, Family Dollar, Discount Tire Company, Burger King, WingStop and Subway. Situated on 10.90 acres at 5160-5420 Aldine Mail Route Road, the center has frontage along Interstate 69 (Southwest Freeway), one of Texas’ busiest freeways, and has combined traffic counts of more than 232,800 vehicles per day. Additionally, the retail center benefits from strong demographics in a retail starved trade area evidenced by 79,180 residents live within a three-mile radius and the fact that Northwood Plaza houses one of only three grocers within that range.
The HFF investment advisory team representing the seller included senior managing director Ryan West, director John Indelli, and analyst Charles Strauss.
The HFF debt placement team representing the buyer consisted of director Michael Johnson and analyst Stuart Hepler.
“This deal was highly competitive from an investor standpoint,” West said. “After receiving multiple pre-emptive offers in the first week of marketing, we ended up compressing the marketing timeframe to only two weeks before selecting a buyer.”
“Freeway visibility, a local grocery anchor and the ability to mark rents to market drove the robust investor interest in this Property,” Indelli added.
Holliday GP Corp. is a Texas licensed real estate broker.
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.
