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Wu Properties on Houston Buying Spree
Wu Properties has recently picked up three retail properties for $55 million. The Houston Business Journal reports the latest acquisition is a former Sam’s Club in the Market Place at Eldridge. The 139,000-square-foot building has been vacant for several years. The plan is to convert the former warehouse store into a multitenant building and renovate its facade to blend in with the rest of the retail.
Wu also acquired Presidio Square, a 189,338-square-foot HEB-anchored shopping center at 14416 Bellaire Blvd., on the corner of state Highway 6. Other notable tenants include Family Thrift Center, AT&T, Subway, State Farm, Little Caesar’s, IHOP and Chase Bank. The center’s occupancy at acquisition was 96%, with only three vacancies.
Wu acquired the 106,177-square-foot Shops at Cypresswood at 19507 North Freeway last September and has since increased the occupancy rate of the Target-anchored center to 99% from 88%.
The company currently manages 29 Houston-area retail properties totaling nearly 3 million square feet of leasable space.
- ◦Sale/Acquisition
