Fully Leased Houston Strip Center Changes Hands

Uptown Plaza. Image courtesy of JLL

Pine Ridge Real Estate has acquired Uptown Plaza, a 28,000-square-foot retail center in Houston, in an all-cash transaction. JLL represented the seller in the deal.

Located at 4715 Westheimer Road at the junction between Westheimer and Interstate 610, the shopping center provides convenient access to several Houston residential neighborhoods, including River Oaks, Tanglewood and Montrose.

Built in 2002, the strip center sits on a 2.7-acre plot, offering potential for future redevelopment. At the time of the sale, Uptown Plaza was 100 percent leased to tenants including CVS, Vision Corner, Fizz Nails and Grotto, EG Geller Shoes, Lesley Ann Jewels and Alchemy 43. The property features an average tenure of more than 12 years and a weighted average remaining lease term of three years. The area’s demographics are favorable, with the average household income within a 1-mile radius at almost $165,000.

According to JLL, retail fundamentals in the River Oaks submarket remain strong, with the vacancy rate at only 3.3 percent. Across Houston, retail rents grew by 5.6 percent year-over-year. The strong rental rate is driven by healthy population growth coupled with the challenges for new entrants in the retail supply market, said JLL Senior Managing Director Ryan West in prepared remarks. West, together with Senior Director John Indelli and Director Erin Lazarus, worked on behalf of the seller.