Hanley Investment Group has arranged the sale of the 180,000sq ft shadow-anchored shopping centre in Houston, Texas.
Hanley Investment Group Real Estate Advisors, a nationally recognised real estate brokerage and advisory firm specialising in retail property sales, has announced that the firm has recently completed the sale of Northwest Crossing Centre, a 180,000sq ft shopping centre shadow-anchored by Target in Houston, Texas. Tenants included in the sale were Burlington, Dollar Tree, Marshalls, Planet Fitness, Hibbett Sports and pOpshelf and single-tenant pads Chick-fil-A, James Coney Island, Red Lobster and Whataburger.
Hanley Investment Group’s Executive Vice President Kevin Fryman and President Ed Hanley, in association with ParaSell, Inc., represented the seller, USA Properties, Inc. of San Diego, California. The buyer was Wu Properties, based in Houston.
“We utilised cross-marketing from an existing anchored-shopping center that Hanley Investment Group had listed for sale in Houston to identify the buyer for Northwest Crossing Centre,” said Fryman. “Rising interest rates and the talk of a possible recession had no impact on Wu Properties’ decision-making when acquiring this asset nor their future outlook for the Houston retail market, especially the submarkets the company targets,” Fryman noted. “In fact, while institutional investors have pulled back from acquisitions given the uncertainty, Wu Properties continues to pursue opportunities,” he continued.
