HCL-MarqE Buys 352 KSF Retail Center in Houston
By Barbra Murray, Contributing Editor
Marq*E Entertainment Center, a 352,000-square-foot shopping and entertainment destination in Houston, is under new ownership. An entity known as HCL-MarqE L.L.C. acquired the retail asset from a joint venture of Canyon Capital Realty Advisors L.L.C. and Fidelis Realty Partners.
The Canyon-Fidelis partnership retained JLL to facilitate the sale, and JLL also arranged acquisition financing for HCL-MarqE.
Located at 7620 Katy Fwy., on a stretch also known as I-10 West, Marq*E opened its doors to shoppers in 1999. Today the property is home to a roster of established tenants, including Edwards Cinema, which occupies approximately 124,000 square feet, Dave & Buster’s and LA Fitness.
The new ownership has big plans for the shopping center; a substantial renovation endeavor is on tap. “Marq*E is a strong performing asset that has the components of location and design that will allow the site to be reconfigured into a class A mixed-use development,” George Cushing, a JLL managing director, noted in a statement.
HCL-MarqE is Marq*E’s third owner in eight years. Canyon and Fidelis acquired the property in 2006 from Orix Real Estate Equities. All parties involved in the latest transaction are keeping mum on the financial details, but the average sale price for retail properties in Houston during the first quarter was $162 per square-foot, according to a report from Colliers International.