JLL Capital Markets facilitated the sale of Little York Plaza, a 114,982-square-foot Hispanic grocery-anchored shopping center in the Near North submarket of Houston, Texas.
JLL worked on behalf of the seller. The asset was purchased by The Criterion Fund, a full-service retail development and investment group specializing in strip center investments.
Little York Plaza, situated at 1523 Little York Rd., is strategically located along Hardy Toll Rd. and Little York Rd., with a daily traffic count of 41,370 and 25,261 vehicles respectively. Little York Plaza sits in the center of the Hardy Heights community, acting as an essential shopping center with a tenant lineup tailored to serve the neighboring rooftops.
The area is seeing positive growth, benefitting from increased activity with new school openings and construction of local parks, along with other developments. Located in an underserved retail submarket, the asset features in place rents significantly below market with sticky tenancy with over 16 years of tenure at the site.
Little York Plaza, a vintage shopping center built in 1997, enjoys an impressive 98.3% occupancy rate. Situated on 11.45 acres, the property is anchored by Seller’s Bros, Houston’s leading Hispanic grocery chain, part of the larger La Michoacana brand portfolio. The center boasts a diverse tenant list featuring Dollar Tree, Melrose Family Fashions and Aaron’s Appliances. The property has seen positive leasing activity, recently signing a lease with Verizon.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Director Ryan West and Senior Director John Indelli.
