JLL Capital Markets has closed the sale of two adjacent Houston retail centers, including the 49,359-square-foot Sunridge Shopping Center (Sunridge) and the 44,398-square-foot Westchase Plaza (Westchase).

JLL worked on behalf of the seller, Whitestone REIT. An entity controlled by Houston-based Bridgewell Property Management, LLC acquired both assets. The privately held Bridgewell and its affiliates own over 30 retail, industrial, storage and mixed-use properties totaling two million square feet in the Houston MSA.

Situated in the Westchase trade area, Sunridge Shopping Center (3800 S. Gessner Road) and Westchase Plaza (3700 S. Gessner Road) are located at the northwest and southwest corners of Westpark Drive and S. Gessner Road. The hard corner locations provide the centers with visibility to almost 80,000 vehicles per day. The immediate trade area has been the recipient of tremendous tenant demand, as well as little new supply additions and is now approximately 97% leased. Tenants are drawn to the area’s density with over 30,000 residents within a one-mile radius.

Institutionally managed and leased by the Whitestone REIT for over 20 years, Westchase and Sunridge are 80% leased shopping centers featuring a tenant lineup of La Tapatia, Little Caesars, Subway, United States Postal Service and several additional local retail and medical tenants. The average tenure at the center is 11.7 years.

The JLL Retail Capital Markets Investment Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analysts Clay Anderson and Ryan Olive.

The two properties will be managed by Keen Realty and leased by Hunington Properties, Inc.

JLL Capital Markets has closed the sale of Uptown Plaza, a 28,000-square-foot neighborhood strip retail center located in the prime retail corridor of Houston, Texas.

JLL represented the seller in the transaction. Pine Ridge Real Estate acquired the asset in an all-cash transaction.

Developed in 2002, the 100% leased Uptown Plaza is currently occupied by CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto. The property features an average tenure of over 12 years and a weighted average remaining lease term of three years.

Located at 4715 Westheimer Road, Uptown Plaza sits at the intersection of Westheimer and Interstate 610 and is surrounded by numerous high end retail destinations, such as River Oaks District, The Galleria, Highland Village and BLVD Place. The property attracts consumers from Houston’s most affluent residential neighborhoods, including River Oaks, Tanglewood and Montrose. Retail fundamentals in the inner-loop River Oaks submarket remain strong boasting a 3.3% vacancy rate, and across the Houston MSA retail rents have grown 5.6% year over year. The property is situated on 2.74 AC and presents the possibilities for future redevelopment in an unmatched location. Additionally, within a three-mile radius of the property is a population of over 203,000 residents, and within a one-mile radius an average household income of $164,432.

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Director Erin Lazarus.