HOUSTON – In an off-market transaction, a local private investor has acquired Briar Forest Plaza, a fully leased class A retail project in the heart of the Energy Corridor in West Houston.
The 11,981-sf center at 13346 Briar Forest Dr. is shadow-anchored by LA Fitness and surrounded by master-planned residential developments. Prior to the closing, Russo’s New York Pizzeria and Tulipo Nails extended their leases for the long-term in the seven-tenant project.
“The buyer closed this deal at the contract price. There was no re-trading, which shows the strength of the buyer and the center,” says David Luther, executive vice president of Houston-based NewQuest Properties’ Investment Sales. He and Dakota Workman, associate, represented the buyer of record, Beyond Investments LLC.
Built in 2005 on 1.19 acres, the essential neighborhood center is positioned at the signalized intersection of Briar Forest Drive and Eldridge Parkway in a densely developed retail corridor. A Kroger Signature-anchored project is located on the other side of the six-lane thoroughfare.
“Briar Forest has never had a vacancy since it’s been built. It’s a great location,” says Kelley Workman, a NewQuest vice president, who represented the local seller, F6 Properties Ltd.
Five of the seven tenants are original to the project. “When there was a vacancy, it was immediately filled. It’s always been stable,” says the seller’s broker.
Before marketing got underway, Briar Forest Plaza was offered to one of the investment sales team’s longtime clients. The deal closed 60 days later.
“We knew it was going to be a highly desirable listing,” Dakota Workman says. “It’s a stable mix of national and local tenants with long-term leases in place.”
Adding to the dynamics is Briar Forest Plaza’s close proximity to headquarters and corporate campuses of the Energy Corridor’s top names –Exxon, CTGO, Sysco, Global Santa Fe and BP. Daytime and nighttime populations are strong, with the three-mile trade area home to nearly 129,000 residents. The average annual household income tops $112,000.
“There is a tremendous amount of capital flowing into shadow-anchored and unanchored centers that are surrounded by residential development,” Luther says. “The strength has always been in rooftops, and more so now as lifestyles change to better accommodate in-office and remote workers.”
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