7-7-2014: TRC Acquires Woodpark Plaza in Houston, Texas
The Retail Connection, L.P., and Long Wharf Real Estate Partners have acquired Woodpark Plaza, a 143,850 square foot shopping center located at the Northwest Quadrant of I 45 and Briar Rock Road in The Woodlands, Texas. The center was purchased from a joint venture between Eagle Equity and NDC Capital Partners, LLC and is currently anchored by Jo-Ann Stores, Ashley Furniture and Golfsmith.
“We are excited to be acquiring our second prime retail property in the Houston area totaling over half a million square feet of acquisitions in Houston in the past 24 months,” said Steve Hefner, President of Connected Acquisitions for The Retail Connection. “Woodpark Plaza is a center which will provide value creation through a remerchandising strategy and aesthetic upgrades. With construction of the 12,000 employee Exxon|Mobile 385-acre office complex just 1.8 miles from the center, leasing momentum is gaining fast,” Hefner stated.
Woodpark Plaza, is currently 100% occupied with a tenant lineup that includes SAS Shoes, HoneyBaked Ham, The Rustic Mile, and Fitness Unlimited. It was originally constructed for a special tenant, Builder’s Square, which later became Home Depot. The Retail Connection will continue to seek prominent and high profile national credit tenants to provide a balanced tenant mix throughout the center.
“We are pleased to once again collaborate with The Retail Connection to purchase another great retail shopping center in the Houston marketplace,” said John Schonborn of Long Wharf Real Estate Partners. “Collectively, we have worked on several acquisitions that have led to not only a stronger return on investment for our clients and partners, but also new and improved shopping destinations for both retailers and consumers,” stated Schonborn.
About The Retail Connection
Founded in 2003, The Retail Connection has seen rapid growth in its full service platform of real estate services, with some of the most successful retailers in the country as its clients and partners. The Retail Connection provides national advisory, tenant representation, project leasing, general brokerage and investment sales, expansion strategy, merchandising plans, property management, construction management, asset management and corporate services, as well as development, acquisition, merchant banking and strategic capital services. The Retail Connection currently represents over 250 retail and restaurant chains and over 25 million square feet of listings, including approximately over 4 million of its own projects with another 3+ million square feet in the development pipeline. The company is headquartered in Dallas, with offices in Austin, Houston and San Antonio.
About Long Wharf Real Estate Partners
Long Wharf Real Estate Partners is an independent Boston-based private equity real estate manager focused exclusively on value-added investing. Including its experience prior to becoming independent in 2011, the group has invested nearly $2.6 billion of equity in over 200 properties since 1995. Comprised of 22 professionals, Long Wharf utilizes a broad-based value-added investment strategy, targeting opportunities in an array of property sectors and markets across the U.S. The group has been investing on behalf of institutional clients including corporate and public pension funds, endowments, foundations, and family offices for over 18 years.