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Houston Shopping Center Trades, Lands NY-Based Department Store
New York City-based discount department store chain Shoppers World will open its first Houston store in a roughly 100,000-square-foot space formerly occupied by Ollie’s Bargain Outlet and Target. In addition, Highland Capital spent $18 million on the Steeplechase Center’s other properties, located between U.S. Highway 290 and State Highway 249 in the Cypress-Fairbanks area.
The Houston Business Journal reported the shopping center was built in 1982 and renovated in 1990. The property includes 195,000 square feet of retail space, about 82% of which is occupied. Current tenants include DD’s Discounts, 99 Cents Only, Dollar Tree, Leslie’s Pool Supplies, Goodwill, several restaurants and other retailers.
Highland Capital currently owns six shopping centers in five states. The partners look for undervalued properties that are between 20% and 80% occupied and have at least one national tenant.
- ◦Sale/Acquisition
