Sale closed by HFF of two-story retail center in Houston, Texas
HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Briar Lake Village, a 36,607-square-foot, two-level retail center in Houston’s Westchase District.
HFF marketed the property on behalf of the seller, Berkeley Land Company. Briar Lake Village Inc. purchased the property for an undisclosed price. In 2007, HFF brokered the sale of the property to the seller.
Briar Lake Village is 85 percent leased to 12 tenants, including Palazzo’s Trattoria, Subway, Tiff’s Treats, Moderno, Newmark Homes, Advanced Orthodontics, Capital One Bank, Comerica Bank, Kolache Factory and Luchi & Joey’s. Situated on 4.146 acres at 10455 Briar Forest Drive at the southwest corner of Beltway 8 (Sam Houston Tollway) and Briar Forest Drive, the center is in the Westchase District, one of Houston’s employment centers. Additionally, there are more than 183,000 residents with an average annual income exceeding $88,000 within a three-mile radius of Briar Lake Village.
Senior managing directors Rusty Tamlyn and Ryan West led the HFF investment sales team representing the seller. First vice presidents Todd Casper and Michael Hassler with CBRE represented the buyer.
“Briar Lake Village is steps away from large, well-leased, Class A, high-rise office buildings in Westchase District, an area with a daytime population of more than 250,000 people,” West said. “The restaurant theme on the ground level of the center creates a synergistic environment for those nearby office building employees.”
“Westchase District creates an exciting opportunity for businesses to have access to an affluent residential population with close proximity to the Beltway, I-10 and the Westpark Tollway,” Casper added. “We are excited to see what’s in store for Briar Lake Village as future tenants choose this retail center to provide their goods and services.”
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.