HOUSTON—Two single-tenant retail buildings have sold in the metro, signaling a continued demand due to population growth and strong fundamentals. The larger of the two buildings was a 7,568-square-foot building leased to Bank of America's Hedwig Village branch in the Memorial Villages area.
The seller was Hedwig Redevelopment Partners Ltd., which is a joint venture sponsored by locally based Fuller Realty Partners LLC. The North American Development Group NNN REIT purchased the property for an undisclosed amount.
Situated at 8773 Katy Frwy. in the western part of the city, the building is centrally located within this collection of upscale, affluent residential communities that in addition to Hedwig Village includes Spring Valley, Piney Point, Bunker Hill and Hunters Creek Village. The average household income within a 1-mile radius of this Bank of America retail location is $250,121 along with an average home value of $967,408.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
