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
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