Houston: Wu Buys Retail Center

In Houston, Houston-based Wu Properties purchased the Market Square at Eldridge, a 262,556-SF regional power center in West Houston.

Market Square at Eldridge is positioned on 32.52 acres at 2660 Eldridge Pkwy S. in a high-traffic infill Houston location at the intersection of Westheimer Road and Eldridge Parkway, which sees more than 99,000 vehicles per day. The property is near Houston’s Energy Corridor, a major employment center. Surrounded by residential and multi-housing development, more than 161,182 residents earning an average annual household income of $90,716 live within a three-mile radius.

The seller of the shopping center Walton Street Capital, was represented by JLL Capital Markets Chris Gerard, Ryan West, Erin Lazarus and analyst Megan Babovec

While primarily a value-add purchaser, Wu Properties has completed have several ground-up developments. Wu currently oversees 21 properties owned and managed containing over 2.5 million SF of retail space.

“Market Square at Eldridge will be a great addition to Wu Properties existing Houston retail portfolio,” said West of JLL. “It was a strategic opportunity for them given their current interests in the trade area.”

The Market Square at Eldridgecenter is 98 percent leased to a mix of national tenants, including Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. A Target is a shadow anchor near the center.

Earlier this year, Wu Properties, a firm led by Steve Wu, purchased a 231,000-SF retail center at 12972 Willowchase Drive in Northwest Houston, near Texas 249 and FM 1960.