Longpoint Buys Houston Shopping Center
Longpoint Realty Partners has purchased Mason Village Shopping Center, a 96,486-square-foot shopping center in Katy, Texas. DNA Partners sold the asset, in a transaction brokered by JLL Capital Markets.
DNA acquired the shopping center in 2014, for $15 million, according to CommercialEdge data. Citibank originated a $10.5 million CMBS loan, which had a 2024 maturity date.
La Michoacana is the anchor tenant at Mason Village Shopping Center. The roster also includes a mix of local and national retailers, such as Harbor Freight, Freebirds, Jiffy Lube, Weight Watchers, Rice Bowl and Jason’s Deli.
Completed in 1978, Mason Village Shopping Center encompasses four buildings spread across some 10 acres.
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Senior Managing Director Ryan West, Senior Director John Indelli and Analyst Clay Anderson led JLL’s Investment Sales and Advisory team that worked on behalf of the seller.
Mason Village Shopping Center is at 21923 Katy Freeway, at the intersection of Mason Road and Interstate 10, within the West Houston submarket. The area’s daily traffic count reaches approximately 45,000 vehicles, according to JLL.
Houston’s retail market steady through third quarter
Houston’s retail market has been bolstered by recent job growth in the region. In the third quarter this year, 979,263 square feet of retail space came online, marking a 35.6 percent increase compared to the previous quarter, according to a recent Cushman & Wakefield report.
The metro’s vacancy rate was unchanged for ten consecutive quarters, at 5.3 percent, below historical averages, making the search for suitable spaces challenging for tenants, the same source shows. Year-to-date through September, over 2.7 million square feet of retail space has been delivered, primarily in three submarkets: Far Northwest (340,778 square feet), West/Northwest (324,093 square feet), and the Katy area (107,262 square feet).
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