First National Realty Partners announced the acquisition of Champions Village in Houston. The addition of the 383,000-square-foot asset marks the Red Bank-based investment firm’s first foray into the Texas market and another strategic move in its nationwide expansion targeting premier open-air retail centers in primary and key secondary markets.
Champions Village includes five buildings on a 32-acre site. The center is anchored by a 61,600-square-foot Randalls grocery store, which has been a tenant at the site for 50 years. Randalls is a subsidiary of Albertsons, the second-largest grocery chain in the country. Champions Village also features T.J.Maxx, 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 décor and jewelry to furnishings and art.
“Champions Village is our first acquisition in the great state of Texas,” said Stephen Joseph, director of acquisitions. “We consider this a very strategic acquisition and are excited to build off this transaction to expand our presence in Houston and throughout the state. Champions Village is a true value-add, grocery-anchored essential neighborhood shopping destination which is the core of our investment thesis.”
Joseph added that the approximately 120,000 square feet of available space at the center provides FNRP with significant upside potential by way of increased occupancy and cash flow.
Champions Village is located in a densely populated retail corridor approximately 17 miles north of downtown Houston. The property sits at the intersection of FM 1960 and Champions Forest Drive, which has a combined daily traffic count of over 58,000 vehicles. The center serves a population of over 300,000 within a five-mile radius, including some of Houston’s most upscale residential neighborhoods.
Chris Gerard, Ryan West and Ethan Goldberg of JLL represented the seller in the transaction.