HOUSTON – PGIM Real Estate, the real estate investment arm of Prudential Financial, has acquired LaCenterra at Cinco Ranch, a 412,900-square-foot mixed-use lifestyle center on 34 acres near the Grand Parkway on Houston’s west side.
The sellers, Vista Companies of Houston and Denver-based Amstar Group, were represented by Eastdil Secured. LaCenterra comprises 273,522 square feet of retail space (approximately 93 percent leased), 140,000 square feet of office space (about 89 percent leased), and two half-acre parks.
At the heart of the development, Central Green creates a Main Street-style civic space that serves as the Town Center for the surrounding 8,100-acre Cinco Ranch community, providing a focal point for events, dining and pedestrian activity.
Situated along Cinco Ranch Boulevard and the Grand Parkway, the center is anchored by Trader Joe’s and hosts national and regional retailers such as Chico’s, Talbots and Panera Bread.
The project’s final phase includes a 37,000-square-foot Alamo Drafthouse Cinema currently under construction, an additional 8,000 square feet of shop space and a five-level parking garage to support increased visitation and tenant growth.
“PGIM Real Estate’s acquisition of LaCenterra adds another high-quality, income-producing asset to our investors’ portfolio,” said Alfonso Munk, Americas Chief Investment Officer at PGIM Real Estate. “We expect Houston’s strong demographic trends to continue supporting the retail market, while Katy’s favorable business climate, highly rated public schools and proximity to affluent residential neighborhoods will keep attracting a diverse mix of employers to LaCenterra.”
LaCenterra sustained no damage during the flooding related to Hurricane Harvey.
Mark Seedorff, executive director for South Region Transactions at PGIM Real Estate, based in Atlanta, represented the buyer in the transaction.
The sale did not include the adjacent Grand at LaCenterra, a 271-unit multifamily project developed by Martin Fein.