KATY (Covering Katy News) – The Westlake Shopping Center at the intersection of North Fry and Saums Roads has unexpectedly been sold. Owner NewQuest Properties and partners received an unexpected off-market offer from locally based VCK Group. The sale price was not disclosed.
The shopping center is 71,107 square feet and it is 95%-leased according to NewQuest. Its anchor tenant is 24 Hour Fitness.
Brad Elmore, vice president of Houston-based NewQuest, represented the seller of record, A-S 80 Westlake-Retail Shops LP, Westlake Partnership A and Westlake Partnership B. Matt Berry and Robbie Kilcrease of CBRE brokered the transaction for the buyer, Rising Sale Westlake LLC.
“The offer was well-timed because NewQuest had been looking to prune the portfolio,” Elmore says. “The buyer aggressively pursued this property as its first major acquisition.” From contract to closing, the transaction was completed within six months.
NewQuest has owned Westlake Shopping Center since 2005, filling the space formerly occupied by Albertson’s grocery store with a 31,126-square foot 24 Hour Fitness.
The mix of tenants caters to basic neighborhood services and fast-food restaurant options. Recently, a section of the parking lot has been leased to a variety of food truck vendors to capitalize on the current craze sweeping America. NewQuest’s Ryan Kelsall will continue to lease the center for the new owners, Sam and Ricky Agrawal of VKC Group. NewQuest also remains in place as the property manager.
Westlake Shopping Center is surrounded by single-family residential developments. Within the five-mile trade area, the population is nearly 269,000 and the average annual household income is pushing $103,000.
Strategically located at a going-home corner, Westlake Shopping Center is situated just one mile north of Interstate 10/Katy Freeway. More than 46,600 vehicles per day pass the center on the five-lane Fry Road en route to the interstate and TX 290/Northwest Freeway. The daily vehicle count is nearly 14,000 on Saums Road, an east-west artery leading to Old Katy, Barker Cypress and places beyond.
“Westlake Shopping Center historically has been well leased because it’s located at such a high-traffic intersection in a densely populated area at the edge of Katy, one of the fastest growing cities in the region,” Elmore says. “This stabilized property will be a good addition for the buyer’s portfolio.”