West Road Shopping Center sold for $15M

​​​HOUSTON – CBRE Group, Inc. announced West Rd. Collection—a neighborhood shopping center in Houston, Texas—has been sold to Hass Holdings LLC for approximately $15 million.

The deal commanded one of the highest prices per sf in the area, signifying the great demand for retail space in this part of the country.

The 65,798-sf shopping center, located in Harris County, has a diverse mix of national and local restaurant and service tenants.

West Rd. Collection is currently 98 percent leased and has remained stabilized with an average occupancy rate of approximately 95 percent over the last five years.

With more than 6.5 million residents, Houston continues to be one of the fastest-growing metro areas in the nation. 

Houston’s retail market experienced the strongest net absorption in a single quarter since the last three months of 2007. Houston’s retail sales totaled $118 billion in 2015, and retail development activity has dramatically increased in the last year, according to CBRE research.

CBRE’s Richard Rizika represented the seller—JW Rich Investment Co.—and Jones Lang LaSalle (JLL) represented the buyer.​​