Woodlands Sells Four Retail Centers, 563,800 SF

THE WOODLANDS, TX-The Florida-based Regency Centers has bought four grocery-anchored centers from the Woodlands Operating Co. LP. The centers carry a combined assessed value of $35.1 million, according to Montgomery County Appraisal District.

“This is a unique opportunity for Regency to expand in the Houston market,” James Buis, Regency’s managing director of investments for the Central Region, said in a press release. The new holdings are Alden Bridge Village Center, Cochran’s Crossing Village Center, Panther Creek Village Center and Sterling Ridge Village Center.

Buis could not be reached by press time to discuss the acquisitions. Regency effectively doubled its Houston portfolio with the acquisition.

The 132,952-sf Alden Bridge Village Center is situated at 8000 Research Forest Dr. Kroger and Walgreens are the anchors. The center, built in 1997, is assessed at $9.6 million.

Cochran’s Crossing Village at 4747 Research Forest Dr. is valued at $9.5 million. Built in 1995, the 138,192-sf center also is anchored by Kroger, except that it’s a “Signature” store. The tenant roll includes Eckerd Drug.

Panther Creek’s tenant roster has more than 40 stores and services. Positioned at 4775 W. Panther Creek, the 164,080-sf center is valued at $4.6 million. A Randall’s New Generation supermarket anchors the 11-year-old center. Other tenants include Eckerd Drug, World Savings, Texas Commerce Bank and McDonald’s.

The 128,639-sf Sterling Ridge Village Center at 6700 Woodlands Parkway is the newest center, delivering in 2000. Montgomery County pegs its assessment at $11.4 million. A Kroger Signature store, Eckerd Drug and Perry’s Grill and Steakhouse are the anchors. Other tenants include Animal Clinic, Hallmark, L’Avantage, Aveda Lifestyle Salon, Wendy’s, Edward Jones and Hang Town Grill.

The four centers “benefit from attractive demographics, dominant grocery anchors with strong sales and irreplaceable in-fill locations with high barriers to entry,” Buis said. The Woodlands’ average annual household income is $104,768.