Whole Foods-anchored retail center in central Houston sells
JLL Capital Markets closed the sale of the grocery-anchored shopping center in the affluent West University neighborhood
HOUSTON, May 4, 2022 – JLL Capital Markets announced today that it has closed the sale of West U Marketplace, a 60,136-square-foot retail center anchored by Whole Foods Market in Houston, Texas.
JLL marketed the property on behalf of the seller, an affiliate of Camden Securities Company. Brixmor Property Group acquired the asset.
West U Marketplace is anchored by a high-performing Whole Foods and is further complimented by a mix of popular tenants, including Yoshi Sushi, Natural Pawz, Island Grill, French Cuff Boutique, River Oaks Nail & Spa and a national bank. JLL Research’s recently released Grocery Tracker 2022 report tracked the fastest growing grocers in 2021, with Whole Foods Market ranking within the top ten nationally.
Positioned at 4004-4060 Bellaire Blvd, West U Marketplace is at the highly visible northwest corner of Weslayan and Bellaire Boulevard, which is seen by approximately 44,080 vehicles per day. The property is in Houston’s upscale West University area, which is an affluent part of central Houston. More than 195,500 residents earning an average annual household income of $156,574 live within a three-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West and Analyst Katherine Miller.
“Retail in the Texas markets is extremely strong,” West said. “Iconic assets – like this Whole Foods-anchored center in the heart of West University – infrequently change ownership, but the growth of the Houston economy and, in turn, retail fundamentals, continue to drive significant transactions like this one.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Camden Securities Company
Camden is invested in more than 2.5 million square feet of retail, 1 million square feet of office, and over 7,000 multifamily and senior living units. With offices in New York, Pennsylvania and California and existing investments throughout the United States, Camden is well positioned to evaluate and execute on development and value-add opportunities.
Camden’s principals take a value-based approach to investing, searching out acquisitions for the long-term, while maximizing properties’ best uses in an effort to achieve high growth and stable cash flow.
About Brixmor Property Group
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 389 retail centers comprise approximately 68 million square feet of prime retail space in established trade areas. The company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.