LaCenterra Center Sold for $223 Million, Market briefs

In Houston, Brixmor Property Group has expanded its Houston portfolio with the purchase of a trophy shopping center in the Katy area.

New York-based Brixmor purchased the LaCenterra at Cinco Ranch lifestyle retail center for $223 million. The 409,000-SF open-air center sits on 34 acres at 23501 Cinco Ranch Boulevard at the Grand Parkway in the Cinco Ranch large-scale planned community on the west side of Houston.

“The purchase of LaCenterra at Cinco Ranch furthers our clustering strategy in a key market and broadens our tenancy profile and retailer relationships, providing a vibrant source of incremental and relevant demand, as we continue to evolve the merchandise mix across our transformed portfolio,” said Mark Horgan, Executive Vice President, Chief Investment Officer at Brixmor.

Retailers in the center include Trader Joe’s, Athleta, Ikea, Lovesac, lululemon, Sephora, and Warby Parker. Restaurants include Ambriza Social Mexican Kitchen, Cava, Grimaldi’s Coal Brick-Oven Pizza, and Postino.

Developed by Houston-based Vista Cos., LaCenterra at Cinco Ranch opened in 2007 and was purchased by PGIM Real Estate in 2017. Last year, Trademark Property Co. was brought on to lease the center and upgrade the merchandise mix.

With 5 million visits per year, the property provides opportunities to re-merchandise and add value as leases with below market rents expire, as stated by Brixmor. LaCenterra is located about three miles south of Interstate 10 on the westside of Houston.

Brixmor owns 30 other shopping centers in the Houston region and 360 centers nationwide. Other Houston investments include the Whole Foods-anchored centers of West U Marketplace and Lake Pointe Village in Sugar Land. The company completed $293 million in property acquisitions and $212.4 million of dispositions last year.