Fifth Corner Acquires Fourth Property: Garden Oaks Center
Newly-formed investor Fifth Corner, through its Fifth Corner Property Fund I LP, added a fourth property to its growing portfolio. The buyer acquired the 14,000-square-foot Garden Oaks Center in the Heights neighborhood of Houston from a seller operating under the name of DC 34th LP.
Situated on 0.8 acres at 3402-3412 N. Shepherd Dr., Garden Oaks Center is 100% occupied, with tenants including Pinks Pizza, Shepherd Park Draught House, Village Liquors and Molly’s Mutt House. All tenants have triple-net leases. Justin Miller and David Hansen with Marcus & Millichap are listed as representing the seller. Garden Oaks Center opened in 1950.
Houston-based Fifth Corner launched in June 2018, by former executives of AmREIT. The company’s goal is to acquire high-quality retail and mixed-use assets on what it dubs “irreplaceable corners.” Since its launch, the company’s Fund I acquired properties in Sugar Land, TX, Houston’s Washington corridor and 2800 Bledsoe in Fort Worth.
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