Hispanic Grocery Anchored Center Sold, Market briefs

HOUSTON – (Ev Konut Proje), The Criterion Fund, a retail development and investment group, has purchased the Little York Plaza, a 114,982 SF shopping center located in the Near North submarket of Houston.

Situated on 11.5 acres, the shopping center is anchored by Sellers Bros. grocery, a retailer with a strong reach in the Hispanic grocery market.

With a steadily climbing population and in-migration trends, Houston has positioned itself as one of the most diverse cities in the U.S., JLL said.

“Seller’s Bros is part of the largest collection of Hispanic grocers in Houston as the La Michoacana brand continues to expand into new markets including Waco and Oklahoma City,” said JLL’s John Indelli. “Little York saw significant interest from private investors due to potential rent growth upside and the strength of the assets anchor tenant. Overall, our Houston retail team is seeing significant increase in activity as retail fundamentals have remained consistent and the improved debt markets continue to create liquidity in the market and deepen our bidder pool”.

JLL said the Little York Plaza offers significant growth potential given its robust tenant mix, limited retail competition in the submarket and additional upside via a potential pad site development. This was a unique opportunity to acquire a cash flowing asset in a thriving macro-market that’s seeing positive retail fundamentals. With no new development in the submarket, Little York Plaza is well-positioned to capitalize on upward pressure of submarket rents and thrive alongside the growing community.

Houston’s robust workforce and business-friendly environment have contributed to a remarkable 19 percent increase in job growth. Additionally, Houston ‘s home builders boast the second most active new-home market in the nation, just behind Dallas-Fort Worth.

Located at 1523 Little York Road, Little York Plaza is strategically located along Hardy Toll and Little York roads, with a daily traffic count of 41,370 and 25,261 vehicles respectively.

Built in 1997, the Little York Plaza reports a 98.3 percent occupancy rate. JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Ryan West and John Indelli.

In separate retail center sale, Dhanani Private Equity Group recently purchased First Colony Commons, a 379,829-SF retail center located along the Southwest Freeway in Sugar Land on the southwest side of Houston, CBRE reported.