For more retail coverage, click GlobeSt.com/RETAIL.
HOUSTON-AmREIT has dropped $68.8 million on Uptown Park, a 169,000-sf lifestyle center in the Uptown submarket. The 17-acre center, with 40 national and regional tenants, is undergoing a 22,000-sf expansion.
Tenel Tayar, vice president of acquisitions for the locally based AmREIT, says the deal's been under negotiation at least a year. More details will follow in an in-depth article about the purchase from Houston-based Interfin, headed by Giorgio Borlenghi.
Uptown Park sits at the northwest corner of Post Oak Boulevard and Interstate 610, a site that Tayar describes as "irreplaceable." The center's roster includes Ann Taylor Loft, McCormick and Schmick's, Priscilla of Boston, Cafe Express and Starbucks Coffee Co. Uptown Park boasts retail sales of $450 per sf--much higher than the $350 per sf average of enclosed malls.
The center's 22,000-sf expansion will bring the total to 169,000 sf. AmREIT says the going-forward plan is to focus on increasing rents and completing the lease-up of the expansion space.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
