Brixmor, a New York-based, retail-focused real estate firm, has purchased the West U Marketplace in west Houston.A bustling Whole-Foods-anchored shopping complex has traded hands near West University Place and Bellaire as Houston’s retail property market continues to attract out-of-state investors.
The trophy property is within a dense, wealthy neighborhoods of Bellaire and West University place across the street from one of Brixmor’s existing shopping centers, Braes Heights. “West U Marketplace is anchored by a highly productive Whole Foods Market and has below market in-place rents and significant remerchandising opportunities,” the company added in its SEC filing. Below market rents means the new owner would potentially have more wiggle room to raise rents for tenants in the plaza in the future, although Brixmor didn't announce any specifics about its future plans.
The West U is Marketplace is fully leased with a 45,900 square-foot Whole Foods store, plus locations for Yoshi Sushi, Natural Pawz, Island Grill, French Cuff Boutique, River Oaks Nail & Spa and a Chase bank branch. Located at the highly visible northwest corner of Weslayan and Bellaire Boulevard, about 44,080 vehicles per day pass by the shopping plaza, according to JLL, which helped to broker the deal.