Out-of-State Investor Buys Retail Center in Katy, TX
- May 10, 2017
By Anca Gagiuc
HFF has closed the sale of the 8,500-square-foot, newly developed Grand Crossing II, a retail strip center located at the confluence of Interstate 10 and Grand Parkway in Houston’s suburb of Katy, Texas. Urbahns Property Group acquired the property free and clear of existing debt.
HFF marketed the asset on behalf of the seller, Edifis Group. Senior Managing Director Ryan West led the HFF investment sales team representing the seller. The asset is 100 percent leased to Sleep Number, GrandLux Nail and American Dental Partners, and is shadow-anchored by Costco.
Grand Crossing II was completed in 2016 and occupies one acre at 23641 Katy Freeway, at the southwest corner of Interstate 10 and Grand Parkway, exposed to more than 357,000 vehicles daily. The center is part of the 125-acre Grand Crossing mixed-use development, which upon completion will include a residential component, but also office and retail segments that will be fully walkable. More than 93,100 people earning an average annual household income of more than $107,000 live within a three-mile radius of the retail property.
Image courtesy of CBRE