Wu Properties Adds Two Houston Shopping Centers to its Portfolio
Wu Properties recently purchased two Houston area malls. Wu Properties acquired Northwest Crossing Center, a 182,000-square-foot center located in northwest Houston, from USA Properties in January. The center, anchored by Burlington, Dollar Tree and Planet Fitness, is located next to Target, which was not part of the sale. On the north side, Wu Properties bought from InvenTrust Properties Corp, Stables 1, a three building development totaling 42,800 square feet.
The Northwest Crossing Center was 81 percent occupied at the time of purchase, and deals are in the works for three tenants that would take occupancy to 93 percent. Current tenants include Marshalls, Hibbett Sports and discount chain pOpshelf, as well as Chick-fil-A. Wu has plans for touch-ups, such as exterior paintwork, landscaping, and lighting and parking lot improvements.
The Stables I property, at 53% occupancy, is at Champion Forest Drive and Spring Cypress Road. It includes a Walgreens, a two-story professional building and a vacant bank building that could be converted into restaurant space.