Weingarten Realty Investors sells Houston retail center
Weingarten Realty Investors has sold Cypress Pointe, a 173,344-square-foot, Kroger-anchored shopping center in the Houston-area community of Cypress, Texas.
Tarantino Properties purchased the asset and engaged JLL to place the 10-year, fixed-rate acquisition loan with Morgan Stanley Bank, N.A. JLL will service the securitized loan. Additionally, in a separate transaction, JLL marketed a 4,517-square-foot, single-tenant retail building that is triple net leased to Chick-fil-A and adjacent to Cypress Pointe on behalf of the seller to the buyer.
Cypress Pointe is 99.1 percent leased and home to a diverse tenant roster of best-in-class grocery, discount department, food and beverage, professional services and health and beauty tenants. Situated on 16.43 acres at 302-430 F.M. 1960 West, the property is along one of north Houston’s primary east-west roadways proximate to where it intersects at Interstate 45. The retail center is major employment centers, including Springwoods Village, Pinto Business Park, North Houston District and George Bush Intercontinental Airport. More than 106,000 residents earning an average annual household income of $75,409 live within a three-mile radius of Cypress Pointe.
“I am excited to add Cypress Pointe Shopping Center to our portfolio of income-producing assets,” said Anthony Tarantino, president of Tarantino Properties. “Cypress is a well-located and tenanted shopping center with Kroger as an anchor, and Ross Dress for Less and Five Below as new tenants.”
According to a recent JLL Retail Outlook report, second-quarter 2019 net absorption in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand. Additionally, neighborhood centers – like Cypress Pointe – are sought after among small retail locales.
