H-E-B center swaps hands
Deal represents the second anchored by the grocer to change hands this year
Two-story grocer-anchored development in Bellaire gets a new owner in rare deal.
Houston represents Brixmor’s third-largest market behind New York and Philadelphia.
The Houston region’s first two-story H-E-B grocery store has been sold by Brixmor Property Group, according to a company report.
The New York-based company sold the center on Bissonnet near Cedar for $17.25 million, the company said in a quarterly report.
The buyer was not disclosed.
H-E-B continues to occupy the newly built store under a long-term lease, according to HFF, which was hired to market the property in April. The 50,967square-foot store opened in June.
The Bellaire Market HE-B replaced a longstanding multi-tenant shopping center where the San Antoniobased grocer had operated since 1994. It’s the first of several urban H-E-B stores, with others coming up in the Heights, Meyerland and Upper Kirby areas.
The deal represents the second H-E-B-anchored shopping center to change hands this year following American Realty Advisors’ purchase of Tanglewood Court at 5895 San Felipe. HFF represented the seller, a partnership of Fidelis Realty Partners and BayNorth Capital, in that deal too.
Such deals are rare because H-E-B typically owns its stores, HFF broker Rusty Tamlyn said when the deal was announced in May.
During the third quarter, Brixmor also sold the Braes Link Center, a Walgreen san chored property at Stella Link and North Braeswood, according to the report. The 38,997-square-foot fetched nearly $8.7 million.
With the sales, Brixmor has 34 retail properties in the Houston market totaling more than 4.4 million square feet.
Brixmor has 445 retail centers with 77 million square feet overall. Houston represents the company’s third-largest market behind New York and Philadelphia.