Investment firm Red Bank enters the Texas market with a grocery store acquisition
First National Realty Partners announced the acquisition of Champions Village in Houston. The addition of the 383,000 square foot facility marks the Red Bank-based investment firm’s first foray into the Texas market and another strategic step in its nationwide expansion targeting prime outdoor retail centers in primary and key secondary markets.
Champions Village consists of five buildings on a 32-acre site. The center is anchored by a 61,600-square-foot Randalls grocery store that has been a tenant on the site for 50 years. Randalls is a subsidiary of Albertsons, the second largest grocery chain in the country. Champions Village also features TJMaxx, Barnes & Noble and Kirkland’s, as well as Painted Tree boutiques – an experimental concept showcasing hundreds of local and regional vendors selling everything from home decor and jewelry to furniture and art.
“Champions Village is our first acquisition in the great state of Texas,” said Stephen Joseph, Director of Acquisitions. “We view this as a very strategic acquisition and look forward to advancing this transaction to expand our footprint in Houston and across the state. Champions Village is a true value-added, food-anchored, must-have neighborhood shopping destination, which is at the core of our investment thesis.”
Joseph added that the approximately 120,000 square feet of available space at the FNRP center offers significant upside potential through higher occupancy and cash flow.
Champions Village is located in a densely populated retail corridor about 17 miles north of downtown Houston. The property is located at the intersection of FM 1960 and Champions Forest Drive, which together handle over 58,000 vehicles daily. The center serves a population of over 300,000 residents within a five mile radius, including some of Houston’s most upscale residential areas.
JLL’s Chris Gerard, Ryan West and Ethan Goldberg represented the seller in the transaction.