Cinco Ranch Retail Center Trades for $223M

Brixmor Property Group paid $223 million for a 409,000-square-foot lifestyle center in Katy.

The Houston Business Journal reports LaCenterra, located in the Cinco Ranch master-planned community, is home to Trader Joe’s, Athleta, a small-format Ikea, Lovesac, Lululemon, Sephora, Warby Parker, Ambriza Social Mexican Kitchen, Cava, Grimaldi’s Coal Brick-Oven Pizza, Postino and several other tenants. It attracts over 5 million visits per year.

Brixmor has 30 other assets in the Houston market.

Vista Equities Group and its equity partner, Amstar Group, developed LaCenterra. PGIM Real Estate acquired the development in 2017 on behalf of institutional investors. PGIM tapped Poag Shopping Centers to manage and lease the property.

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