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Retail Center Speaks to Long-Term Hold Aspirations

HOUSTON—Briar Lake Village Inc. purchased the 36,607-square-foot, two-level retail center for an undisclosed price from Berkeley Land Company.

By Lisa Brown | lisabrown | | Updated on March 08, 2016
Briar Lake Village Briar Lake Village is located at Beltway 8 (Sam Houston Tollway) and Briar Forest Drive.
HOUSTON— Briar Lake Village is in the Westchase District , one of Houston’s prominent employment centers. There are more than 183,000 residents with an average annual income exceeding $88,000 within a three-mile radius of the retail center. In a recent transaction, Briar Lake Village Inc. purchased the property for an undisclosed price. Holliday Fenoglio Fowler LP marketed the 36,607-square-foot, two-level retail center on behalf of the seller, Berkeley Land Company . HFF initially brokered the sale of the property to the seller in 2007. 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. West tells GlobeSt.com: “This is a quality asset as it sits today but there is a strong case to be made that the current improvements are not the highest and best use for the site, long term. If this is true, the acquisition was an excellent decision on the part of the buyer who, by all measures, is a long-term holder of the asset.” The center is situated on 4.146 acres at 10455 Briar Forest Dr., at the southwest corner of Beltway 8 (Sam Houston Tollway) and Briar Forest Drive. “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.” Briar Lake Village is 85% 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 . “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.”  

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