HOUSTON – (Realty News Report) – A joint venture between The J. Beard Real Estate Company and Outlier Capital has acquired Tomball Town Center, a 141,450-square-foot retail center located north of Houston.
The grocery-anchored shopping center, led by Kroger, sits at 14320 FM 2920 and features frontage on all three primary retail corridors in Tomball.
The sellers, Inventrust Properties Corp. and a real estate fund advised by Crow Holdings Capital, were represented in the transaction by David Disney and Adam Crockett of Disney Investment Group.
Acquisition financing was provided by Morgan Stanley. The lender was represented by John Fenoglio, executive vice president with CBRE Capital Markets in Houston. Prior to joining CBRE, Fenoglio was a co-founder and CEO of Holliday Fenoglio Fowler, formerly one of the nation’s largest commercial mortgage banking firms.
Built in 2004 on 14.13 acres, Tomball Town Center is positioned between the key corners of Tomball Parkway and SH 249 along FM 2920. The center is currently 98 percent occupied, with more than 85 percent of its tenants comprising regional and national credit tenants.
The purchasing entity is SJBC Commercial XXI. The J. Beard Real Estate Company, LP, which is headquartered in The Woodlands, is led by Jeff Beard.
The Tomball area is experiencing significant residential growth. One notable example is a 110-acre community being developed by Hines, where Taylor Morrison will build 391 homes. The new subdivision, named Raburn Reserve, is located about 30 miles northwest of Houston, north of the Grand Parkway near Highway 249.
Aug 14, 2021 Realty News Report. Copyright 2021.
Photo courtesy: J. Beard
For readers interested in Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon.
Houston 2020 Ebook version
File: Woodlands Company Buys Retail Project
File notes: JV with Woodlands company buys retail project in Tomball. Participants include CBRE, John Fenoglio, Inventrust Properties Corp., Crow Holdings Capital, and Disney Investment Group representatives David Disney and Adam Crockett.