{"id":1004052539,"date":"2012-02-06T07:23:56","date_gmt":"2012-02-06T15:23:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=33750"},"modified":"2022-12-03T20:08:13","modified_gmt":"2022-12-04T04:08:13","slug":"sterling-riocan-pay-17m-for-the-market-at-village-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sterling-riocan-pay-17m-for-the-market-at-village-center\/","title":{"rendered":"Sterling, RioCan Pay $17M for The Market at Village Center"},"content":{"rendered":"<p style=\"text-align: justify\">By Georgiana Mihaila, Associate Editor<\/p>\n<p style=\"text-align: justify\">Sterling Organization, along with Canada\u2019s largest real estate investment trust\u2014RioCan\u2014purchased The Market at Village Center in Cinco Ranch for a reported $17 million.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/Village-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-33752\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/Village-Center.jpg\" alt=\"\" width=\"300\" height=\"283\" \/><\/a><\/p>\n<p style=\"text-align: justify\">The 97,761-square-foot Class A power center is shadow anchored by a 174,000-square-foot Super Target (which owns its own parcel), making the property 271,000 square feet in total. According to an official release, the acquired property is currently 97 percent leased, with a strong junior anchor tenant presence including HomeGoods, Michaels and OfficeMax, and a mix of regional and national retailers such as Mattress Giant, Massage Envy, RadioShack, Supercuts, Sally Beauty Supply and Which Wich.<\/p>\n<p style=\"text-align: justify\">Initially developed in 2004, the property is set at the northwest corner of Grand Parkway\/Highway 99 and Westheimer Parkway, in the very heart of Cinco Ranch\u2014a 7,600-acre master-planned community in the rapidly growing suburbs of West Houston (Fort Bend County). The population within a three mile radius is 84,486 and the average household income is $126,008.<\/p>\n<p style=\"text-align: justify\">\u201cThe Market at Village Center has excellent highway visibility, is located in one of the few regulated development associations in Houston&#8211;which limits the risk of competitive properties being developed in the market&#8211;has a great tenant lineup and is surrounded by a growing high-end residential community,\u201d said Brian Kosoy, president &amp; chief executive officer of Sterling Organization. &#8220;With the acquisition of The Market at Village Center, we believe we have truly hit the trifecta. We have bought a tremendous property at a tremendous price with a tremendous partner.&#8221;<\/p>\n<p style=\"text-align: justify\"><em>Photo Credits: Cinco Ranch Official Website<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Georgiana Mihaila, Associate Editor<br \/>\nSterling Organization, along with Canada\u2019s largest real estate investment trust\u2014RioCan\u2014purchased The Market at Village Center in Cinco Ranch for a reported $17 million.<br \/>\nThe 97,761-square-foot Class A power center is shadow anchored by a 174,000-square-foot Super Target [&#8230;]<\/p>\n","protected":false},"author":33,"featured_media":1004505482,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21742],"tags":[],"class_list":["post-1004052539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sterling, RioCan Pay $17M for The Market at Village Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sterling-riocan-pay-17m-for-the-market-at-village-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sterling, RioCan Pay $17M for The Market at Village Center\" \/>\n<meta property=\"og:description\" content=\"By Georgiana Mihaila, Associate Editor Sterling Organization, along with Canada\u2019s largest real estate investment trust\u2014RioCan\u2014purchased The Market at Village Center in Cinco Ranch for a reported $17 million. 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