By Anca Gagiuc
Houston—HFF announced it has closed the sale of Renaissance Center, a value-add, grocery-anchored retail center located near the Texas Medical Center in Houston. Williamsburg Enterprises Ltd. acquired the asset from Lionstone Investments for an undisclosed amount and clear of existing debt.
HFF marketed the property on behalf of the seller. Managing directors Ryan West and Rusty Tamlyn led the investment sales team.
The 97,279-square-foot Renaissance Center is sited on 9.6 acres at 6102 Scott St., at the southwest corner of Old Spanish Trail and Scott Street. The retail center is located inside of Houston’s Interstate 610 inner loop, less than two miles from the Texas Medical Center and downtown Houston. According to a press statement, there are more than 135,000 residents living within a three-mile radius of the property. The asset, completed in 1996, is anchored by H.E.B. and also houses Taco Bell, BB&T Bank, Texas Department of Human Services, Watermill Express and U.S. Renal Care.
“The center is in a very urban, infill location with tremendous value-add opportunity, which the buyer is immediately implementing,” West said in a prepared statement. “This opportunity reflects the re-gentrification occurring in several different pockets inside the Interstate 610 Loop.”
Image courtesy of HFF via Twitter