A New Jersey-based real estate investment firm, most of whose 43 outdoor centers are east of the Mississippi River, has purchased its first property in Texas.
First National Realty Partners has acquired Champions Village in Houston, a 383,000 square foot. center anchored by grocery store Randalls, TJ Maxx, Barnes & Noble and Kirklands.
It is also home to an experimental concept called Painted Tree Boutiques in which hundreds of local and regional vendors sell products ranging from home decor and furniture to art and jewelry.
“We view this as a very strategic acquisition and are excited to leverage this transaction to expand our presence in Houston and across the state,” said Stephen Joseph, director of acquisitions for First National. . “Champions Village is a true value-added essential neighborhood shopping destination, rooted in groceries, which is central to our investment thesis.”
The center has 120,000 square feet of vacant space which Joseph says offers his business the opportunity to increase occupancy and cash flow.
Champions Village is located in a densely populated commercial corridor 17 miles north of downtown Houston. First National’s research found that a population of more than 300,000 people live within a five-mile radius of the center. Randalls supermarket has been doing business here for over 50 years.