Search
 

AmREIT Details Growth Plan Via Multi-Tenant Retail

HOUSTON-AmREIT, airing its plan in an Informed Investors Forum, will start selling non-core, single-tenant assets in Texas, the Midwest and Gulf Coast and deploy the gain into multi-tenant assets with higher cap rates in the Sunbelt states.

By Amy Wolff Sorter | Updated on September 20, 2005

HOUSTON-Locally based AmREIT is working a plan to acquire new multi-tenant properties in the Sunbelt and selling all non-core, single-tenant assets.

The focused approach was detailed during yesterday’s Informed Investors Forum in a joint presentation by AmREIT’s CEO Kerr Taylor and CFO Chad Braun. Throughout the discussion, Taylor and Braun stressed their commitment to several areas, specifically a hard focus on acquiring “irreplaceable corners”–in other words, high-quality and high-trafficked corners in highly populated areas for retail shopping centers. Taylor pointed out the buying plan targets “markets where we have experience and local market knowledge, the Sunbelt states, with an emphasis on Texas.”

AmREIT’s execs cited the June acquisition of Uptown Park, located at the intersection of Loop 610 and Post Oak Road in Houston as example of its buying mindset. More than 275,000 vehicles per day pass through the intersection, which is tucked into a pocket with 148,000 residents in affluent subdivisions within a three-mile radius. “Reported sales of the property are strong at approximately $450 per sf,” Kerr noted. “We also have an evenly weighted rollover schedule for lease expirations.”

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.