In Growing Submarket, Spring Center Trades

HOUSTON--HighStreet Net Lease Group has brokered the disposition of Louetta Creek Plaza, a multi-tenant retail center located in Spring.

Matt Moake, an acquisition/disposition executive at Houston-based HighStreet, represented the seller. Glenn Clements with MFT Interests represented the buyer, a local investment group.

“We enjoyed working with our repeat client to achieve the best possible exit strategy for Louetta Creek Plaza,” Moake told GlobeSt.com. “The disposition was a great opportunity for them to gain additional capital for new acquisitions and developments. The Spring area is a vibrant and rapidly growing submarket of Houston, and we are excited to continue working with this valued client on future retail assets.”

The 27,000-square-foot property, located at 4660 Louetta Road, was originally developed in 2005 and provides tenants with high visibility just off the high traffic intersection of Louetta and Kuykendahl roads. The center also has well stabilized occupancy.

 “The sale of Louetta Creek Plaza was a home run for our client, who is constantly acquiring and developing new property,” says Moake. “The seller's exit goals were achieved and they now have additional capital ready to deploy into future acquisitions and development projects.  It will be exciting to see the new owner's strategy with the center as the surrounding area continues to grow. Improvements to the adjacent power center will enhance the value of Louetta Creek Plaza, giving the new ownership group ample opportunity to create significant upside.”