Dhanani Private Equity Group Acquires Westheimer Marketplace Retail Center In Houston For Undisclosed Amount

The property asset involved in the transaction is a retail shopping center located at 12523 Westheimer Road in Houston. This asset, named Westheimer Marketplace, encompasses 141,498 square feet and is situated along a prominent commercial corridor within the market. The shopping center is anchored by well-known establishments, including 24 Hour Fitness and Chuck E. Cheese, and features nearby Tesla charging stations and Gordon Grocery, which has recently opened.

Summary of transaction details:

• Property Type: Retail / Shopping Center
• Transaction Amount: Not disclosed
• Square Footage: 141,498 SF
• Address: 12523 Westheimer Road
• Market: Houston
• Buyer: Nick Dhanani, Nikhil Dhanani, Ali Wadhwani & Nick Dhanani, Jr. - Dhanani Private Equity Group
• Buyer's Representative: Huntley Grichor - Red Key Properties

The deal involved Dhanani Private Equity Group, which is looking to enhance its investment portfolio in Houston. The group intends to leverage significant value-add potential by addressing the current rental terms, particularly with 24 Hour Fitness subleasing its space at a rate significantly higher than the existing lease. Notably, the property includes opportunities for inline space development and the creation of a build-to-suit facility covering up to 7,000 square feet, in addition to a green pad adjacent to the shopping center.