Wu Properties expands portfolio as Houston hits record sales for shopping centers
Northwest Crossing Centre, a 182,000-square-foot center at U.S. 290 and Hollister in northwest Houston, is anchored by Burlington, Dollar Tree and Planet Fitness. The center was recently purchased by Wu Properties.Wu Properties, a Houston-based investment firm, is beefing up its Houston portfolio with the purchase of two more shopping centers, as investors continue to snap up area retail space.
With the Houston area's retail vacancy rate hovering around 5 percent and a limited amount of new construction caused by rising building costs, prime spaces are leased quickly, said Matt Berry, a senior vice president on the retail capital markets team at commercial real estate firm CBRE. Wu Properties now owns 2.75 million square feet across 23 centers, primarily in the Houston area. The latest acquisitions follow the purchases ofand the Fiesta-anchored Willowchase Center last year.
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