HOUSTON (Realty News Report) – Tarantino Properties has purchased Cypress Pointe, a 173,344-square-foot shopping center anchored by Kroger on FM 1960 in the Cypress area of Houston, for approximately $25 million.
JLL marketed the property on behalf of the seller, Weingarten Realty Investors, a Houston-based retail REIT traded on the New York Stock Exchange.
Cypress Pointe is 99.1 percent leased and features a diverse tenant mix including grocery, discount department, food and beverage, professional services, and health and beauty retailers.
“I am excited to add Cypress Pointe Shopping Center to our portfolio of income-producing assets,” said Anthony Tarantino, president of Tarantino Properties of Houston. “Cypress is a well-located, well-tenanted shopping center with Kroger as the anchor, and Ross Dress for Less and Five Below joining as new tenants.”
The center sits on 16.43 acres at 302–430 F.M. 1960 West, positioned along one of north Houston’s main east-west corridors near its intersection with Interstate 45.
More than 106,000 residents live within a three-mile radius of Cypress Pointe, with an average annual household income of $75,409.
The JLL Capital Markets investment advisory team representing the seller included George Cushing, Wendy Vandeventer and Meaghan Gallacher.
Tarantino Properties engaged JLL to place the 10-year, fixed-rate acquisition loan with Morgan Stanley Bank. JLL will service the securitized loan.
The JLL Capital Markets debt placement team representing the borrower was led by Managing Director Cortney Cole and Senior Vice President James Brolan.
In a separate transaction, JLL also marketed a 4,517-square-foot single-tenant restaurant building adjacent to Cypress Pointe, which Weingarten sold to Tarantino. The building is triple-net leased to Chick-fil-A.
Weingarten is a Houston-based REIT that owns and manages 170 shopping centers totaling 33 million square feet across 17 states.
In another Houston transaction, Weingarten recently acquired the Shops at Hilshire Village, a 118,000-square-foot retail center at the northwest corner of Wirt Road and Westview in the Spring Branch area.
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