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3800 S Gessner Rd Houston, ...

Bridgewell Property Management Acquires Houston Retail Centers From Whitestone REIT
SOLDRetail

Bridgewell Property Management Acquires Houston Retail Centers From Whitestone REIT

3800 S Gessner Rd Houston, TX 77063, USA

Building Size

93,700 SF

Asset Type

Retail

Closing

Jul 26, 2023

AI

Bridgewell Property Management has acquired two retail centers in Houston, Texas, totaling over 93,700 square feet. The centers, located at 3800 & 3700 South Gessner Road, are strategically positioned in the high-traffic Westchase trade area. With an occupancy rate of 80%, these retail centers present a valuable investment opportunity in a prime location.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Square Footage: 93,700 SF
  • Market: Houston

The buyer, Bridgewell Property Management, recognized the potential of these retail centers in the Westchase trade area and seized the opportunity to expand its portfolio. Meanwhile, Whitestone REIT acted as the seller in this transaction. The deal was facilitated by brokers John Indelli, Ryan West, Clay Anderson, and Ryan Olive, who represented both the buyer and seller's interests in the transaction.

Players

Ryan West

JLL

Broker

$477M

vol

40 deals

Broker
BM
Bridgewell Property ManagementBuyer
WR
Whitestone REITSeller

Texas Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93