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Continental Realty Corp., a Baltimore-area real estate investment and management company, announced its expansion into the Houston retail market with the acquisition of Commons at Willowbrook.
The 442,000-square-foot open-air regional “power center” features roughly 32 retailers and restaurants, including Academy Sports & Outdoors, Marshalls, HomeGoods, Michaels, Ross and more.
Built in 1985 on nearly 39 acres, the Commons at Willowbrook also features professional services and attracts 4.3 million customers from a 15-mile radius every year, CRC noted in a statement.
“Commons at Willowbrook is an institutional-quality, irreplaceable asset positioned within one of the most robust retail nodes in Houston,” CRC executive Josh Dinstein said.
“The center features multiple high-performing anchor tenants and several value-add opportunities based on existing vacancies and below-market rental rates, as well as other operational efficiency measures we plan to implement.”
Boasting what real estate industry leaders refer to as a diverse inventory of nearly six million square feet of retail space, Houston’s Willowbrook submarket demonstrates ongoing resilience and potential, according to CRC.
“We intend to target a variety of dynamic concepts including first-class retailers, food and beverage operators, educational users, healthcare clinics, and other groups that will strengthen tenant mix and create long term value for the asset and the surrounding community,” Dinstein added.