HOUSTON – (Realty News Report) – A private investor group managed by Concierge Management and led by Akbarali Momin has acquired Fairway Retail Center, a fully leased neighborhood strip retail property in Pasadena.
JLL Capital Markets marketed the asset on behalf of the seller, an affiliate of Camden Securities Company.
Completed in 2002, the 50,000-square-foot center hosts a diverse lineup of national and local tenants, including Mattress Firm, Chipotle, Pearle Vision, GameStop, Ramen Sun, Lovett Dental, Vitamin Shoppe, Massage Heights, AMC Nails, Wingstop and Jersey Mike’s. The center benefits from shadow anchors Target, Kohl’s and Hobby Lobby.
‘Strategic Location’ – Rusty Tamlyn of JLL
“Fairway Retail Center has maintained strong occupancy through the pandemic thanks to its small-space configuration and its position directly in front of high-performing Target and Kohl’s locations,” said Rusty Tamlyn of JLL Capital Markets. “The property also occupies a strategic intersection at the Sam Houston Tollway and Fairmont Parkway in Pasadena, offering excellent access and visibility.”
Located on 4.63 acres at 5575–5769 Fairmont Parkway, the center fronts Pasadena’s primary east–west corridor. Pasadena sits roughly 10 miles southeast of downtown Houston and is adjacent to Beltway 8, one of the city’s major outer loops. Fairway Retail Center serves a growing trade area of approximately 87,714 residents within three miles, where the average annual household income is about $76,860.
The Houston retail market benefits from an expanding population that has reached roughly 7.2 million residents, supporting demand for neighborhood and community shopping centers.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Rusty Tamlyn and Ryan West, along with Analyst Bryan Strode. The buyer was represented by George Tesfa of Commercial Partners.
JLL also arranged a 10-year, fixed-rate acquisition loan through Starwood Mortgage Capital. The JLL Capital Markets Debt Advisory team representing the new owner included Senior Director Michael Johnson and Analysts Jack Britton and Stuart Hepler.
JLL Capital Markets employs more than 3,000 capital markets specialists globally, with offices in nearly 50 countries.
Sept. 24, 2021 Realty News Report. Copyright 2021.
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File: Momin Group Buys Center
Photo: Courtesy JLL Capital Markets
File: (2) Retail. Pasadena. Concierge Management. Akbarali Momin. Momin Group Buys Center on Fairmont Parkway
JLL Capital Markets