Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A Connecticut real estate firm has returned to Texas after a long hiatus by paying nearly $15.8 million in cash for Easton Commons Plaza in the Copperfield area of northwest Houston.

Hutensky Capital Partners LLC of Hartford is on the lookout for more buys in the Lone State State, Veronique Longo, a Hutensky Group assistant vice president, tells GlobeSt.com. The firm marked the market re-entry with a 191,739-sf, Kroger-anchored center at 8470-8592 Highway 6. According to Longo, Hutensky was not in competition with other potential buyers for a property sold by its developer, Levcor Inc. of Houston.

The Hutensky Group specializes in the acquisition and repositioning of under-performing retail properties. But, Longo says Easton Commons is in good shape and more than 90% occupied so she’s not classifying it as “under-performing.” Some tenants are paying rents well below the market average of $13 per sf to $24 per sf so there is room to increase rents. Longo says some minor capital improvements will be made to the center, but the capital outlay will be minimal.

In a prepared statement, principal Brad Hutensky says the property is “a strong Kroger-anchored center in a high-growth area with lots of potential for appreciation over the long-term.”

According to Levcor’s research, the one-mile trade area has an average household income of $78,756 per year. The three-mile trade area’s average is $71,777 annually.

Built in 1984, the center is situated on 19.5 acres. In addition to Kroger and a Loew’s Theater, the tenant roster includes Eckerd Drug, Neal’s Unfinished Furniture, Dollar Tree and Pizza Hut. The center acquisition included two outparcel tenants, Kelsey Seybold Clinic and an Italian restaurant. Whataburger and Blockbuster Video own their outparcel locations.

Longo says the firm is looking for retail properties, upward of 100,000 sf, in primary or strong secondary markets in Texas. The buyer typically acquires properties anchored by national or regional discounters, grocers or big box retailers. Rich Caron of Landmark Realty in Coconut Grove, FL represented Hutensky in the acquisition.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.