Dhanani Buys Washington Avenue Building, Market briefs

In Houston, The Dhanani Private Equity Grouppurchased Washington Plaza, a multi-story, multi-use building at 4000 Washington Avenue.

Jake Dutson and Michael Hill of Strive represented the seller, the original developer of Washington Plaza, and also procured the buyer.

Built in 2008, the 44,950-SF retail and office property is 97% leased.

The Dhanani organization recently completed a major transaction in San Antonio where it purchased the Park North Shopping Center, a 635,325-SF regional retail center located on 45.8 acres NW Loop 410. The San Antonio center, which is 93.3% leased, is anchored by Target and features a mix of entertainment, shopping and restaurants. It was the biggest purchase in San Antonio since The Rim center sold for $220 million in 2021, JLL said.

Company Founder Went from Night Cashier at a Gas Station to Real Estate Magnate

Dhanani Private Equity Group was founded by CEO Nick Dhanani, who immigrated to the United States from India in the 1980s.

Nick Dhanani began his career in Houston as a night cashier in a convenience store with a gas station. He aggressively saved his earnings and eventually was able to acquire the convenience store where he worked.

In a few years, he advanced by purchasing and developing convenience stores to build a retail company that owned its own locations.

In 2012, he founded Dhanani Private Equity Group and began developing shopping centers, and later, multifamily residential properties. Today, the firm’s portfolio includes 45 convenience stores, more than 50 retail centers and 3,000 multifamily units, as stated by the firm’s website.

Dhanani Private Equity Group is based in Stafford, a community in the Southwest Houston area.