JLL Capital Markets 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% 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 Road, 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% year over year. 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.
