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Property Swap is Among Largest in 2020
Two of the largest U.S. retail trades of 2020 included a property swap between Weingarten Realty Investors (WRI) and Fidelis. The swap speaks volumes about the appetite that remains for retail investments in Texas markets, say brokers in the transaction.
The properties included the Village Plaza at Bunker Hill in Houston (an existing joint venture between WRI and Fidelis) and Overton Park Plaza in Fort Worth. Fidelis sold its ownership interest in the Village Plaza at Bunker Hill to WRI and simultaneously purchased WRI’s Overton Park Plaza.
Constructed in 2008, Village Plaza at Bunker Hill is a 491,686-square-foot grocery-anchored shopping center located along Interstate 10 at Bunker Hill Road. The property is anchored by a 128,000-square-foot H-E-B, PetSmart, Ross, Academy and Burlington. Overton Park Plaza was built in 1990 and is a 354,600-square-foot power center anchored by Sprouts Farmers Market, TJMaxx, Buy Buy Baby, PetSmart and HomeGoods.
The JLL retail capital markets investment sales advisory team was led by Ryan West, Chris Gerard, Katherine Miller and Adam Roossien. Additionally, Colby Mueck and Clint Coe arranged acquisition financing for Overton Park Plaza on behalf of Fidelis.
“Despite all of the challenges the pandemic presented, this swap demonstrates the continued investor interest for high-performing, well-located, grocery-anchored retail,” says Gerard.
For comments, questions or concerns, please contact Lisa Brown
- ◦Sale/Acquisition
