Phoenix, AZ (PRWEB) April 13, 2012
Cole Real Estate Investments (Cole), one of the nation’s leading investors in high-quality, income-producing retail, office and industrial real estate assets, announced the acquisition of Greenway Commons, a 253,000-square-foot retail power center located in Houston, TX. The property, which includes the first Costco tenant in Cole’s portfolio, is situated in an affluent residential area near Houston’s Central Business District (CBD). The purchase price was not disclosed.
“Greenway Commons is an excellent example of what Cole looks for as a disciplined investor in multi-tenant retail properties,” said Scott M. Holmes, senior vice president, acquisitions, multi-tenant retail. “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.”
Built in 2008, Greenway Commons is anchored by a high-performing Costco (164,000 square feet) and an LA Fitness “Signature Club” (45,000 square feet), featuring upgraded facilities. The property is 95.8% leased, with an average remaining lease term of approximately 13 years. Collectively, Costco and LA Fitness occupy 82.8% of the property’s square footage.
Greenway Commons, consisting of two multi-floor retail buildings attached to a four-story parking garage and another freestanding building, is situated about five miles southwest of the Houston CBD, at 3836 Richmond Ave. (on the northeast corner of Richmond Avenue and Weslayan Street). The property’s submarket is considered one of Houston’s most desirable multifamily areas with a significant amount of new rental development during the past several years.
According to Claritas, there are 176,191 people and 89,081 households within a three-mile radius of Greenway Commons, and those numbers are projected to increase during the next five years by 8.5% and 7.3%, respectively.
“This is the second retail power center in Houston developed by Trammel Crow Company that Cole has purchased,” said Kyle Miller, a senior vice president with Trammell Crow Company’s Houston Business Unit. “Cole is an ardent investor with the leadership, experience and passion to ensure that Greenway Commons will continue to be a premier retail destination.”
Clint Marchuk, senior director of acquisitions, multi-tenant retail, represented Cole in the transaction. The seller was represented by Chris Cozby, senior vice president, and Chris Gerard, vice president, of CBRE’s Dallas office, and R. William Kent and Gary Kent, executive vice presidents, with CBRE in Washington, DC.
For leasing opportunities, contact Brett Sheets, senior vice president, leasing, at 602-778-6300.
About Cole Real Estate Investments
Founded in 1979, Cole Real Estate Investments is one of the most active acquirers of core real estate assets, managing one of the country’s largest portfolios of retail properties. Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with high credit quality tenants, as well as single-tenant office and industrial properties, using a conservative investment and financing strategy. At the end of February 2012, Cole-related entities owned and managed more than 1,600 assets representing approximately 60 million square feet of commercial real estate in 47 states with a combined acquisition cost of approximately $10 billion.
Certain statements in this press release may be considered forward-looking statements that reflect the current views of Cole Real Estate Investments and Cole’s management with respect to future events. Forward-looking statements about Cole’s plans, strategies and prospects are based on current information, estimates and projections; they are subject to risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Forward-looking statements are not intended to be a guarantee of any event, action, result, outcome or performance in future periods. Cole does not intend or assume any obligation to update any forward-looking statements, and the reader is cautioned not to place undue reliance on them.