JPMorgan’s Strategic Property Fund and Houston-based retail specialist AmREIT have purchased the Shadow Creek Ranch Town Center in Pearland, Texas according to local press reports. Financial terms of the transaction were not disclosed.
The partnership acquired the 616,372-square-foot retail complex from sellers Buchanan Street Partners, Fox Properties and Transwestern Houston.
The property is located in close proximity to the 3,500-acre Shadow Creek Ranch master-planned residential community. Designed in a Spanish eclectic style, the retail center features a mix of grocery-anchored outlets as well as retailers and restaurants as well as landscaped pedestrian areas. The property is 80 percent leased to tenants such as Academy Sports & Outdoors, Ashley Furniture and Hobby Lobby.
Houston’s fast-growing property market, led by the city’s strong employment growth, has attracted a number of private equity real estate investors in recent months. Late last year, The Carlyle Group and Texas-based real estate services and investment firm Means Knaus Partners formed a joint venture to develop two LEED-specific office buildings totaling 300,000 square feet. The One Oak Park & Two Oak Park complex is situated in the Westchase submarket of West Houston.