New Jersey Firm: Grocery Anchored Center Sold to

In Houston, First National Realty Partners of New Jersey purchased the Randalls-anchored Champions Village Shopping Center, a 383,346-SF retail power center in Northwest Houston.

JLL Capital Markets marketed the property on behalf of the seller, New Market Properties, LLC, a wholly owned indirect subsidiary of Preferred Apartment Communities, Inc.

Champions Village Shopping Center is anchored by Randalls, which attracts more than 550,000 visitors per year and is a subsidiary of Albertsons, the third largest grocery chain in the U.S. The remaining tenancy comprises a dedicated roster with a collective weighted average tenure of 21 years, including Barnes & Noble, T.J.Maxx, Tuesday Morning, La Madeleine, Don Ramons Mexican Restaurant, Kirklands, Jenny Craig, Super Cuts, Bath and Body Works, Body & Brain Yoga, Berkeley Eye Center, Cassandra’s Louisiana Kitchen and MOD Pizza.

Positioned on 31.9 acres at 5215 FM 1960 Rd. W, Champions Village Shopping Center is within the northwest Houston area known as Champions, which has grown by 10.5 percent within a five-mile radius over the last decade. This property represents one of the largest and best located urban infill sites in the market and is highly visible, with more than 58,000 vehicles passing daily. The center is also in a dense residential area housing 106,417 residents and only two traditional full-service grocers within a three-mile radius.

The JLL Retail Capital Markets team representing the seller included Chris Gerard, Ryan West, Sherri Rollins and Ethan Goldberg.

“Capital continues to seek quality retail assets, given the attractive yields still available today,” West said. “We were pleased to be involved in First National Realty Partners’ Texas debut.”

As stated by JLL Research’s recently released Grocery Tracker 2022 report, 2021 was a record year for grocery-anchored retail property transactions, with 735 total trades. Purchase volume for the year was just over $13.3 billion, the largest share of any retail property type for the third year in a row and the second-highest level in recorded history.

Earlier this week, JLL reported the sale of another Houston retail center. In Dlc Management Corp. purchased the Wood Ridge Plaza, a 211,218, SF value-add retail strip center in The Woodlands. JLL marketed the property on behalf of the seller, a real estate fund advised by Crow Holdings Capital.