In a move that continues FNRP‘s nationwide expansion targeting open-air retail centers in primary and key secondary markets, the vertically integrated real estate investment firm from Red Bank announced April 5 it added the 383,000-square-foot Champions Village in Houston to its portfolio.
JLL’s Chris Gerard, Ryan West and Ethan Goldberg represented the seller in the transaction. Financial terms were not disclosed.
Comprised of five buildings situated on 32 acres at 5215 FM 1960 Road W., the complex is approximately 17 miles from downtown Houston, located in a densely populated retail corridor, according to FNRP. Its crossroads see a daily traffic count of more than 58,000 vehicles and the center serves a population of over 300,000 people within a 5-mile radius, including, FNRP said, some of Houston’s most upscale neighborhoods.
“Champions Village is our first acquisition in the great state of Texas,” said FNRP Director of Acquisitions Stephen Joseph in a statement. “We consider this a very strategic acquisition and are excited to build off this transaction to expand our presence in Houston and throughout the state. Champions Village is a true value-add, grocery-anchored essential neighborhood shopping destination which is the core of our investment thesis.”
Champions Village is anchored by a 61,600-square-foot Randall’s grocery store. The Albertson’s subsidiary has been a tenant at Champions Village for 50 years, according to FNRP. Other retailers include: T.J.Maxx, Barnes and Noble, Kirkland’s and Painted Tree Boutiques, which allows local and regional vendors to set up shop and sell their wares—including home décor, jewelry, art and more.
According to Joseph, approximately 120,000 square feet of space is available at Champions Village, providing significant upside potential by way of increased occupancy and cash flow for First National Realty Partners.