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January 15 , 2013

The Retail Connection and Long Wharf Real Estate Partners Acquire Willowbrook Plaza

The Retail Connection and Long Wharf Real Estate Partners Acquire Willowbrook Plaza

January 15, 2013
 
The Retail Connection, L.P., and Long Wharf Real Estate Partners have acquired Willowbrook Plaza located in Northwest Houston at the intersection of Hwy. 249 and FM 1960, approximately 22 miles from Houston’s CBD.The center was purchased from CBL Properties.
 
“We are thrilled to be acquiring our first high profile retail shopping center in Houston, Texas,” said Stephen J. Hefner, President of The Retail Connection’s Connected Acquisition Services. “Willowbrook Plaza is in a great retail location, and with the significant renovations and remerchandising we will perform, the center is poised to become a great investment as well as a premium shopping center to the surrounding community.
 
Willowbrook Plaza offers outstanding visibility to its tenants, convenient access for its customers and solid demographics.” Willowbrook Plaza, is currently 73% occupied with a tenant lineup that includes AMC Theaters, Finger Furniture, Sprint, Mattress Firm, Buffalo Wild Wings, Saltgrass Steakhouse, Scottrade, and more.It was constructed by Lincoln Property Company in 1999 on 41 acres, and is located directly across from the super-regional Willowbrook Mall.
 
The Retail Connection plans to reposition the asset by leasing new space to Bed Bath & Beyond, buy buy Baby and Cost Plus World Market,in addition to making major capital improvements to the overall property. “We are pleased to team with The Retail Connection to purchase one of the best retail opportunities in the Houston marketplace,” said Philip Murphy, Director of Long Wharf Real Estate Partners.“With our collective capital strengths and experience in repositioning retail properties, , we will deliver a truly first class shopping experience for the customers of the national, regional, and local tenants that already do, and soon will, call Willowbrook Plaza home” stated Murphy.
 
Other individuals involved in the acquisition of the asset included Chad Bradshaw | VP Acquisitions, David Stukalin | President | The Retail Connection | Houston, Doug Nash | CFO, Jonathan Probst | VP Brokerage, Carl Neel | VP Management & Asset Services, Mark Fox | VP Construction Management and Stephen Tou | VP Brokerage for The Retail Connection.
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