HFF announces sale of single-tenant retail building in Houston’s Memorial Villages area
HOUSTON, TX – January 25, 2018 – HFF announces the sale of a 7,568-square-foot, single-tenant retail building leased to Bank of America’s Hedwig Village branch in the Memorial Villages area of Houston, Texas.
The HFF team marketed the property on behalf of the seller, Hedwig Redevelopment Partners, Ltd., which is a joint venture sponsored by locally based Fuller Realty Partners, LLC. The North American Development Group NNN REIT (nadgnnn.com) purchased the property for an undisclosed amount. The NADG NNN REIT was formed in 2016 and exclusively acquires outparcel pads nationally. Approximately 50 outparcels have been acquired/under control to date, and the REIT has plans to acquire between five and 10 outparcels per month on a go-forward basis.
Situated at 8773 Katy Freeway in the western part of Houston, the building is centrally located within the Memorial Villages, a collection of upscale, affluent residential communities that, in addition to Hedwig Village, includes Spring Valley, Piney Point, Bunker Hill and Hunters Creek Village. The average household income within a one-mile radius of this Bank of America retail location is $250,121 along with an average home value of $967,408. This Bank of America branch has been a tenant of the property since 1994 and has nine years remaining on its lease. The branch is ranked ninth in Houston for all Bank of America locations measured in deposits.
HFF’s investment advisory team included senior managing director Ryan West and real estate analysts Charlie Strauss and Johnny Kight.
Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.
About Fuller Realty Partners, LLC
Fuller Realty Partners, LLC was established in 1979 and is a privately owned, full service commercial real estate firm headquartered in Houston, Texas. Fuller targets value-add real estate opportunities, and provides equity, property management and leasing to each of its ventures. Learn more at fuller-realty.com.
About North American Development Group
In its cumulative business history, North American Development Group (“NADG”) has been active in the development, acquisition, redevelopment and management of over 200 shopping centers comprising well in excess of 30 million square feet of GLA. NADG formed the NNN REIT as a private equity platform in 2016 to acquire a national diversified portfolio of hand-selected outparcel properties. Visit nadgnnn.com for more information.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.