Regional power center in Houston sells to local investor
JLL Capital Markets completed the sale of Market Square at Eldridge near the Energy Corridor to Wu Properties
HOUSTON, July 13, 2022 – JLL Capital Markets announced today it has closed the sale of Market Square at Eldridge, a 262,556-square-foot regional power center anchored by a slate of best-in-class tenants in Houston, Texas.
JLL marketed the property on behalf of the seller, Walton Street Capital, L.L.C. Houston-based Wu Properties acquired the asset.
According to Placer.Ai, Market Square at Eldridge center is in the top 5% of all U.S. shopping centers. The high-performing center is 98 percent leased to a robust 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 and popular membership-only retail warehouse serve as shadow anchors.
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 JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West, Associate Erin Lazarus and Analyst Megan Babovec.
“Market Square at Eldridge will be a great addition to Wu Properties existing Houston retail portfolio,” West said. “It was a strategic opportunity for them given their current interests in the trade area. All personnel on both sides of this transaction should be commended on such a smooth and expedited transaction.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Walton Street Capital, L.L.C.
Walton Street is a private equity real estate investment firm that, since its inception in 1994 through its affiliates, has raised over $154 billion of capital commitments. Walton Street’s principals have collectively acquired, financed, managed, and sold over $50 billion of real estate and have an average of 21 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers and industry service providers.
About Wu Properties
Wu Properties is a fast-growing Houston centric acquirer and manager of retail assets. They are Houston based and have been in business for over 12 years. They are strategic buyers focusing primarily on the best grocery anchored retail shopping centers or power centers in the various submarkets they target. They leverage their regional market knowledge and retail expertise to enhance investors' returns. While primarily a value-add purchaser, they have done several ground-up developments and seek opportunities wherever possible. They currently oversee 21 properties owned and managed containing over 2.5 million square feet of retail space.