Sterling, RioCan Pay $17M for The Market at Village Center
- Feb 06, 2012
Sterling Organization, along with Canada’s largest real estate investment trust—RioCan—purchased The Market at Village Center in Cinco Ranch for a reported $17 million.
The 97,761-square-foot Class A power center is shadow anchored by a 174,000-square-foot Super Target (which owns its own parcel), making the property 271,000 square feet in total. According to an official release, the acquired property is currently 97 percent leased, with a strong junior anchor tenant presence including HomeGoods, Michaels and OfficeMax, and a mix of regional and national retailers such as Mattress Giant, Massage Envy, RadioShack, Supercuts, Sally Beauty Supply and Which Wich.
Initially developed in 2004, the property is set at the northwest corner of Grand Parkway/Highway 99 and Westheimer Parkway, in the very heart of Cinco Ranch—a 7,600-acre master-planned community in the rapidly growing suburbs of West Houston (Fort Bend County). The population within a three mile radius is 84,486 and the average household income is $126,008.
“The Market at Village Center has excellent highway visibility, is located in one of the few regulated development associations in Houston–which limits the risk of competitive properties being developed in the market–has a great tenant lineup and is surrounded by a growing high-end residential community,” said Brian Kosoy, president & chief executive officer of Sterling Organization. “With the acquisition of The Market at Village Center, we believe we have truly hit the trifecta. We have bought a tremendous property at a tremendous price with a tremendous partner.”
Photo Credits: Cinco Ranch Official Website