January 24, 2019
Brixmor Property Group has sold the 136,747-square-foot Northwood Plaza in Northeast Houston to a private investor for an undisclosed price. HFF senior managing director Ryan West, director John Indelli and analyst Charles Strauss were the seller’s brokers.
HFF director Michael Johnson and Analyst Stuart Helper placed a fixed-rate loan with Amerant Bank, formerly Mercantil Bank, to finance the transaction.
Anchored by Houston grocer Food City, the 10.9-acre Northwood Plaza on Aldine Mail Route Road with frontage alone Interstate 69, is 91% leased. Other tenants are Melrose, Supreme Beauty Supply, Family Dollar, Discount Tire Company, Burger King, WingStop and Subway.
“This deal was highly-competitive from an investor standpoint,” West said. “After receiving multiple pre-emptive offers in the first week of marketing, we ended up compressing the marketing timeframe to only two weeks.”
“Freeway visibility, a local grocery anchor and the ability to mark rents to market drove the robust investor interest in this property,” Indelli added.
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