Madison Avenue Buys Retail Center, Market briefs

In Houston, Madison Avenue Properties, a family-owned real estate investment company based in Sugar Land, has expanded its Houston holdings with the purchase of a shopping center in west Houston’s Spring Branch neighborhood.

In The company, through Madison Spring Branch LP, purchased the 66,056, SF center from Braun Enterprises. Located in the 8100-8200 block of Long Point Drive near Huge Oaks Street, the center was constructed in 1960 and renovated and rebranded as Spring Branch Village by Houston-based Braun Enterprises a few years ago.

The one-story center is home to 19 tenants with coworking provider Urban Office as the largest, as stated by Madison Avenue Properties. Other tenants include Barnaby’s Café, Feges BBQ, Jinya Ramen Bar, and Well Done Cooking Classes.

Houston retail leasing activity showed modest gains with 38,000 SF of net absorption in the second quarter, as stated by Colliers. The vacancy rate stood at 5.7%.

Retail investment sales seem to be picking up momentum. Brixmor Property Group purchased LaCenterra at Cinco Ranch, a trophy property in Katy, in a $223 million transaction recently.

Madison Avenue Properties acquires and manages commercial properties across Texas. The firm is led by CEO Karim Nooruddin.

The company’s local portfolio include Garden Oaks Center on West 34th Street, Oak Forest Center on West 43d Street, PNC Bank Oak Forest, Cullen Plaza at 9440 Cullen Blvd., O’Reilly Center at 6200 Telephone Road, Plaza Fiesta at 3415 Orlando in northeast Houston, Truly Plaza at 714 S. Washington Ave. in Cleveland, and 12010 Dairy Ashford in Sugar Land. Other investments include Las Palmas Center in San Antonio and Buckner Commons in Dallas.