JLL Capital Markets has closed the sale of Market Square at Eldridge, a 262,556-square-foot regional power center anchored by a slate of tenants in Houston.

JLL marketed the property on behalf of the seller, Walton Street Capital, L.L.C. Houston-based Wu Properties acquired the asset.

According to Placer.Ai, Market Square at Eldridge center is in the top 5% of all U.S. shopping centers. The high-performing center is 98 percent leased to a robust mix of national tenants, including Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. A Target and popular membership-only retail warehouse serve as shadow anchors.

Market Square at Eldridge is positioned on 32.52 acres at 2660 Eldridge Pkwy S. in a high-traffic infill Houston location at the intersection of Westheimer Road and Eldridge Parkway, which sees more than 99,000 vehicles per day. The property is near Houston’s Energy Corridor, a major employment center. Surrounded by residential and multi-housing development, more than 161,182 residents earning an average annual household income of $90,716 live within a three-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan West, Associate Erin Lazarus and Analyst Megan Babovec.

Aided by a high percentage of PhDs and a low cost of living, Houston ranks No. 13 in a new analysis of the nation’s top 25 life sciences markets from real estate firm CBRE.

The report sheds light on the growth of life sciences hubs beyond the traditional coastal markets such as Boston and San Diego. Houston is getting a boost from the growing Texas Medical Center and an influx of venture capital earmarked for life sciences research.

Job growth in life sciences professions – from bioengineers and biochemists to microbiologists and data scientists – expanded by 79% over the last two decades to roughly 500,000. In comparison, the overall U.S. job growth rate in that span was 8%, according to CBRE. That surge in life sciences jobs boosted mainstay markets such as Boston and San Francisco as well as emerging hubs including Nashville, Salt Lake City and Houston.

The report suggests that Houston’s life sciences labor market offers an attractive combination of affordability and a particularly strong PhD talent pool. Major research universities and medical institutions such as the UT School of Public Health and Baylor College of Medicine boosted the city’s ranking ahead of other Texas markets in CBRE’s analysis. Click to read more at www.houston.org.

As industry leaders work to advance Houston’s life sciences ecosystem, investing in education will be critical to its success, according to Bill McKeon, President and CEO of the Texas Medical Center.

McKeon discussed how Houston has positioned itself as the “Third Coast” for life sciences and how leaders are working to strengthen the region’s ecosystem during the latest installment of the Partnership’s Why Houston webinar series.

“It took Boston 20 years to establish what they have today,” McKeon said as he discussed the progress on the construction of TMC3. The transformational research hub will serve as a life sciences cluster for leading researchers and industry experts.

McKeon said TMC3 project leaders have spent time in Boston to learn about its life sciences hub and learn from their initial mistakes. One of the takeaways was to invest in retail and green space from inception, McKeon said.

“We’re putting hundreds and millions of dollars into those parks, into our retail where anyone in economics would say, ‘Don’t do that. You’re not going to see the return. You’re going to lose it.’ It’s about investing in the community just like city has made such great investments in our parks through our great philanthropy,” McKeon said. Click to read more at www.houston.org.

Next to the 69-year-old Spanish Village Restaurant, which has long greeted people driving down Almeda Road, a sign in bold lettering asks “What should go here?” Beside it, a giant QR code directs interested passersby to a page on a website called Localist, where dozens of people have weighed in.

“Cool y’all are asking,” said one. “Whatever y’all do, make sure it features businesses from diverse faces.”

“A 24-hour food option would be the most amazing thing ever!” said another.

The signs have popped up throughout the city in recent months, the work of two Houstonians who wanted to give communities a way to weigh in on what properties should be used for. They hope Localist, a project they’ve funded themselves, will give people a say in how investment reshapes their neighborhoods — something especially important in a city where the planning process does not require public input and during a time when investment is surging in commercial real estate.

On HoustonChronicle.com: Why a Third Ward property owner is saying no to townhomes. Click to read more at www.houstonchronicle.com.

A bustling Whole-Foods-anchored shopping complex has traded hands near West University Place and Bellaire as Houston’s retail property market continues to attract out-of-state investors.

New York-based real estate investment trust Brixmor purchased West U Marketplace, a 60,000 square-foot open-air plaza at 4004-4060 Bellaire Blvd, about 8 miles west of downtown Houston.

Brixmor paid $33.5 million for the complex, according to a May 2 filing with the U.S. Securities and Exchange Commission. The deal closed April 19, according to JLL, which represented the seller, Camden Securities Company, in the deal.

The trophy property is within the dense, wealthy neighborhoods of Bellaire and West University place across the street from one of Brixmor’s existing shopping centers, Braes Heights. Click to read more at www.houstonchronicle.com.

MetroNational revealed plans for Memorial Town Square, a 27-acre, urban infill development comprised of a collection of unique boutiques and iconic brands, locally curated culinary collections and elevated health and wellness services. Located at Barryknoll Lane and Gessner Road, the next-level destination, is part of the holistic development strategy and overall vibrant transformation to take place across Memorial City’s 300 acres including the creation of new multi-family residential units, an office tower, creative office and co-working spaces, and the reimagining of the 1.7 million-square-foot Memorial City Mall. As part of the redevelopment of the 27 acres, the 190,000 square-feet of retail in Memorial Town Square will deliver first with construction to begin in 2023 and completion slated for 2025.

Elevating the Experience
Inspired by the aspirations of the community, Memorial Town Square is envisioned to be intimate, charming and timeless as well as improve the way people come together. With bespoke walkable streetscapes, lush landscape and a pristine town square, Memorial Town Square will reinvent the communal experience and reflect the unique heritage and spirit of Houston — a place where modern Texas-style, easy elegance and casual luxury combine into something that truly feels like part of the fabric of the 77024 neighborhood.

Collective Vision
MetroNational has assembled a world-class design and retail leasing team to include:

Gensler, design architect; Office of James Burnett (OJB), landscape architect; RSM Design, environmental graphics and wayfinding; RUE, leasing consultant and Pacific Retail Capital Partners, development consultant.

MetroNational and Gensler spent several years collaborating with the community, to gather input on desired amenities and guide the master plan’s design. Most notably, the 77024 neighbors felt a paradigm shift in how they wanted to enjoy their lives.

Central to all design efforts was the desire to resonate and align with the footprint set by the Memorial community.

Highly Curated Shopping, Dining and Lifestyle Offerings
The retail landscape is being designed to feature the most coveted names in local and international food and lifestyle retail, with plans to include 40+ aspirational and emerging brands that are both iconic and new to the marketplace. Approximately 35% of the project will be food and beverage, from chef-driven restaurants to fast casual food experiences, all with al fresco dining. To enhance the consumer experience, resort-style hospitality and operational standards will include valet and convenient parking, electric car charging stations, private outing and corporate event planning, car washing and rentals including stroller and baggage, wheelchairs, umbrellas and cell phone chargers. Additionally, MetroNational will implement the latest technology to enhance mobility.

Centered around expansive green space, Memorial Town Square will offer a combination of intimate, sophisticated gathering spaces intentionally crafted for lively and low-key get-togethers. Guests and residents of Memorial’s affluent and expansive community will be able to enjoy thoughtful art, entertainment, and experiential events within a relaxed yet vibrant communal and cultural hub.