Northwood Plaza Shopping Center Sells for Undisclosed Amount
Northwood Plaza Photo credit: Mabry Campbell
HOUSTON – Northwood Plaza, a 136,747-square-foot grocery-anchored retail center in northeast Houston, has been acquired by North Wood Plaza Investors, LLC, managed by Alan Schnur.
The HFF team marketed the asset on behalf of seller Brixmor Property Group and also arranged a fixed-rate loan through Amerant Bank (formerly Mercantil Bank).
Anchored by Food City, a local Houston grocer, Northwood Plaza is 91 percent leased and hosts a mix of national and local tenants including Melrose, Supreme Beauty Supply, Family Dollar, Discount Tire Company, Burger King, Wingstop and Subway. The center sits on 10.9 acres at 5160–5420 Aldine Mail Route Road and has frontage along Interstate 59.
HFF reported combined traffic counts exceeding 232,800 vehicles per day along the center’s access corridors.
The property benefits from strong local demographics and limited retail competition: 79,180 residents live within a three-mile radius, and Northwood Plaza is one of only three grocery-anchored centers serving that trade area, according to HFF.
HFF representatives on the sale were Ryan West, John Indelli and analyst Charles Strauss. The HFF debt placement team for the buyer included director Michael Johnson and analyst Stuart Hepler.
“This transaction generated intense investor interest,” West said. “After multiple pre-emptive offers in the first week of marketing, we shortened the process to two weeks before selecting a buyer.”
“Freeway visibility, a local grocery anchor and the opportunity to reset rents to market levels drove strong investor demand for the property,” Indelli added.
