West Houston Retail Center
Retail strip center (37,403 square foot building on 2.33 acres of land) on Briar Forest Drive at Dairy Ashford, Houston, Texas.
Sourcing the Investment
Identified the shopping center as an acquisition candidate. The subject was placed under contract, a partnership was created, funds were raised, and the property was acquired.
- Viewed the center as a value-add play. It was located at the intersection of two major thoroughfares in west Houston, one of the fastest-growing sections of the city.
- With occupancy in the 60-70% range, rents slightly below market, and the center in need of cosmetic renovation, it was apparent the investment goals of the partnership could be achieved through a more proactive management and leasing effort.
- Arranged financing, managed, and leased the property.
- Directed the exterior renovation of the center and build-out of tenant spaces.
- The partnership owned and operated the retail center for 5 years.
- Occupancy rates were raised to over 90% and rental rates were increased by 40-50%.