HOUSTON--JLL has closed the sale of Willowbrook Plaza, a 384,820-square-foot retail power center, located in northwest Houston, just south of the major regional intersection of FM 1960 and State Highway 249, directly across from Willowbrook Mall.
Managing directors George Cushing and Jack Crews, vice president Wendy Vandeventer and analyst Meaghan Gallacher led the JLL team on the transaction on behalf of the seller, The Retail Connection. JLL declined to name the buyer.
“Demand for retail properties in Houston during 2015 is tracking pre-2008 levels,” Cushing told GlobeSt.com.
“The Retail Connection and Long Wharf Real Estate Partners initiated a highly successful redevelopment program at Willowbrook Plaza that the buyer will complete, which will further solidify the center's position as a core asset in this key northwest market,” he says. “The offering received a strong bidding response and this transaction is representative of the Houston retail sector's continuing strength and investor appeal.”
Built in 1999, Willowbrook Plaza is approximately 89 percent leased with national and regional tenants that include Bed Bath & Beyond, Buy Buy Baby, Cost Plus World Market, AMC Theatres, Bel Furniture, Five Below, Boot Barn, Buffalo Wild Wings, Saltgrass Steakhouse and Beauty Brands.
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