Sells for $41.6 Million: Houston Shopping Center

In Houston, AmREIT, Inc., has purchased Woodlake Square Shopping Center, a 160,761 sf shopping center in Houston, for $41.6 million. The center is anchored by Randalls and Walgreens. Woodlake Square, located at the northeast corner of Westheimer and Gessner, has average household income in a one-mile radius of $69,595, and 82,692 households in a three-mile radius. Woodlake Square was purchased from AEW Value Investors II, L.P., a value-added real estate fund managed by AEW Capital Management.

Woodlake Square was 88% occupied with tenants such as Randalls, Walgreens, Jos. A. Bank, GNC, Corner Bakery, and Red Mango. Randalls is a division of Safeway, which operates 110 stores in Texas under the Randalls, Tom Thumb, and Simon David banners.

The purchase included two future development pad sites fronting Gessner Road.