Westchase’s Woodlake Square sold for $41.6M

HOUSTON – The 160,761-sf Woodlake Square Shopping Center has been purchased by AmREIT Inc. for $41.6 million.

The shopping center at the northeast corner of Westheimer and Gessner is in the Westchase District. 

As of June 30, 2013, Woodlake Square was 88 percent occupied with tenants such as Randalls, Walgreens, Jos. A. Bank, GNC, Corner Bakery and Red Mango.

Between 2010 and 2012, the shopping center was redeveloped. The redevelopment included the negotiation of a new ground lease with Randalls, the tear down of the existing Randalls and the construction of a new and improved 59,230-sf Randalls.

Also a four-acre parcel was sold for the construction of a 256-unit multifamily complex.

The acquisition also included two future development pad sites fronting Gessner Rd. on the western portion of the property. AEW Value Investors II LP was the seller.

Source: AmREIT