Search
 

AmREIT Buys 28,000-SF Galleria Plaza

HOUSTON-The acquisition of Uptown Plaza gives the REIT a "prominent presence" in a prestigious submarket. The deal is the REIT's second this year in the Galleria area and second retail purchase in a week. Another center will be bought before 2004 arrives.

By Jennifer Brenner Andrade | Updated on December 14, 2003

HOUSTON-The locally based AmREIT has acquired a second retail holding in the Galleria submarket and closed its second purchase in a week in its hometown. The latest deed to roll is Uptown Plaza, 28,000 sf of high-end shopping space at 3900 Westheimer Rd.

Tenel Tayar, AmREIT vice president of acquisitions, tells GlobeSt.com that the plan is to buy another $120 million to $150 million in 2004 after having spent $70 million this year. The REIT recently closed a $40-million stock offering and raised $15 million from limited partnerships to help fund an equity pool.

The 1.5-year-old Uptown Plaza, assessed at $6.3 million by Harris County, sits at the southeast corner of Loop 610 and Westheimer Road. In January, the REIT bought 1.3 acres at the corner of Yorktown and Westheimer, now home to a 14,000-sf Eckerd’s drug store. The combined perspective “gives AmREIT a prominent presence in one of the most prestigious retail areas in Houston,” according to a press release.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.