Wednesday, March 09, 2016
Fractional Ownership Hurdle Is Only A Speedbump
HOUSTON—Briar Lake Village is in the Westchase District, one of Houston’s prominent employment centers. There are more than 183,000 residents with an average annual income exceeding $88,000 within a three-mile radius of the retail center.
In a recent transaction, Briar Lake Village Inc. purchased the property for an undisclosed price.Holliday Fenoglio Fowler LP marketed the 36,607-square-foot, two-level retail center on behalf of the seller, Berkeley Land Company. HFF initially brokered the sale of the property to the seller in 2007.
Senior managing directors, Rusty Tamlyn and Ryan West, led the HFF investment sales team representing the seller. First vice presidents Todd Casper and Michael Hassler with CBRErepresented the buyer.
West tells GlobeSt.com: “This is a quality asset as it sits today but there is a strong case to be made that the current improvements are not the highest and best use for the site, long term. If this is true, the acquisition was an excellent decision on the part of the buyer who, by all measures, is a long-term holder of the asset.”
The center is situated on 4.146 acres at 10455 Briar Forest Dr., at the southwest corner of Beltway 8 (Sam Houston Tollway) and Briar Forest Drive.
By Lisa Brown of the GlobalSt.com