The Outlet at West Oaks is expected to open in the next few months and include outlet-priced clothing and goods. One of the retailers will be Formal Gallery, a formal dress shop owned and operated by Rita Mehta, Sunil's wife.

Brian Ashby and Sydney Dixon of CBRE's Houston office represented Macy's Holdings in the transaction.

“While researching potential buyers for Macy's, we learned that Mr. Mehta's company owned the rest of the mall. His vision for revitalizing the box and the mall were a perfect fit for buyer and seller,” said Dixon.

CBRE Research shows that consumer interest in discounted, off-price and low-priced goods rose significantly in the wake of the 2008 recession. Despite recovery of the overall economy, the US consumer has retained an interest in low prices and value. This is reflected in the ongoing growth of discount and off-price retail.

“The national disfavor of mall assets presents a terrific buying opportunity for creative investors. A winning redevelopment strategy for West Oaks Mall is one that caters to the needs of the immediate community,” Mehta tells GlobeSt.com. “The area is underserved with medical office space, hospital facilities and emergency care. Medical Center West (Interstate 10 and Highway 6) has only increased demand for healthcare retail in the area.”

In addition to shops and restaurants, future plans for West Oaks also include a gym, trampoline park, daycare, commercial kitchen and food hall, event space, and makers spaces for the creative class, says Mehta.

“As a local operator, we have the flexibility to charge low rents to assemble a creative tenant mix,” he tells GlobeSt.com. “The West Oaks Mall location is superb. It's rare to have the opportunity to purchase 75 acres at the highly trafficked intersection of Westheimer and Highway 6 with 350,000 residents in a 5-mile radius and 11%-plus population growth in next five years. Previous mall owners invested more than $30 million in 2014 on building improvements. It's a beautiful space with attractive tenants including Edwards Theater, Fortis College, Dillard's, Palais Royal, Victoria Secret, Bath & Body Works, among others.”

Mehta Group companies have operated in real estate, retail and wholesaling, giving the buyer comfort in this asset class.

“Retailers across the board are focusing capital toward building an omni-channel presence, creating an in-store experience, rather than a standalone 'bricks and mortar' approach. The new West Oaks Mall ownership plans to create this type of experience and breathe new life into the area. CBRE is excited to be a part of that vision,” said Ashby.