June 12, 2018
A private buyer has scooped up a fully-leased strip center in Houston’s Inner Loop/River Oaks retail submarket. The 6,880-square-foot property is situated on 0.57 acres in the Washington Memorial Heights neighborhood. The seller, Orr Commercial, developed the center in 1999.
“This infill retail center has a great story—located at the hard corner of Washington and Durham, inside Loop 610, with in-place rents below market and robust residential growth along the Washington Corridor,” said HFF’s Ryan West. “These types of retail centers are in high demand.”
West and teammates John Indelli and Charlie Strauss represented Orr Commercial in the deal.
Tenants at the center include FedEx Kinko’s, MT Nails & Facial Salon, Vapor Shop, Bell Cleaners and Subway. More than 166,000 residents earning an average annual household income of approximately $144,000 live within a three-mile radius of the property.
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