Cole Real Estate Buys High-Density Urban Retail Center
- Apr 17, 2012
Greenway Commons—a core, Class A super-regional power center in Houston—recently changed ownership, when Trammell Crow Co., Prudential Real Estate Investors and The Morgan Group sold the 253,000-square-foot, high-density urban retail center to Cole Real Estate Investments for an undisclosed amount.
Composed of two multi-level retail buildings with four levels of structured parking in between, the retail center located at 3838 Richmond Ave. is currently 96 percent leased, with a list of national tenants that includes Costco Wholesale, LA Fitness Signature Club, Iberia Bank, Buffalo Wild Wings and Panda Express, along with Memorial Hermann Healthcare System. Greenway Commons is approximately three miles west of downtown Houston, in close proximity to the Greenway Plaza office complex. It is nestled among the most desirable neighborhoods in Houston, including River Oaks, Uptown, Galleria, West University, Rice Village, Greenway Plaza and Upper Kirby.
Designed by CDA Architects, the high-density nature of the center required the LA Fitness Signature to be stacked on top of Costco, along with some of its parking. Trammell Crow completed the center in early 2009 as part of a 25-acre infill master-planned property co-developed with The Morgan Group and also including 528 luxury urban apartment units that were not part of the transaction.
“Greenway Commons is an excellent example of what Cole looks for as a disciplined investor in multi-tenant retail properties,” said Scott Holmes, senior vice president of acquisitions and multi-tenant tetail for Cole. “The property was recently built and is leased long-term to high-quality tenants like Costco and LA Fitness. Its location within a thriving neighborhood should help drive customer traffic, and demographic trends suggest that retail demand in this submarket should continue over the long term.”
Chris Gerard and Chris Cozby with CBRE’s Dallas office, along with R. William Kent and Gary Lawrence with CBRE in Washington, D.C., represented Trammell Crow in the sale.
Image: Courtesy of Loopnet.com