SVN | J. Beard Real Estate - Greater Houston Completes The Sale Of Renaissance Center In Magnolia, TX
MAGNOLIA, TX -- SVN | J. Beard Real Estate – Greater Houston has recently completed the sale of Renaissance Center, a grocery-anchored retail center in Magnolia, TX. Located on the northeast corner of the major intersection of FM 1774 and FM 1488 in the heart of Magnolia, Renaissance Center is anchored by Brookshire Brothers and features several other tenants including Woodforest National Bank, Petsense, and Anytime Fitness. The grocery anchor and other daily-use tenants combined with the main and main location make Renaissance a landmark shopping center in Magnolia.
Advisor Matt Knagg of SVN | J. Beard Real Estate – Greater Houston represented the private seller. Brittany Jameson, also from SVN | J. Beard Real Estate – Greater Houston, represented the undisclosed buyer, an undisclosed tenant in common investor.
“It is always a pleasure to work with another SVN | J. Beard Real Estate – Greater Houston team member,” said Jameson. “Matt and I were able to collaborate to ensure that both the buyer and seller walked away with the best possible deal. My buyer is thrilled with their investment and already has plans in motion to revitalize and modernize Renaissance Center.”
Knagg added, “This deal was a long time in the making. I started on this project four years ago when I was tasked with the lease-up of the asset for my client. I am pleased to say that Renaissance Center was 95 percent leased at the time of sale. Brookshire Brothers executed an early renewal of their long-term lease prior to the sale and will remain as the grocery anchor at Renaissance for years to come. I am incredibly proud of how this deal came together. We were able to capitalize on the full maximized value for my client as well as provide a one-of-a-kind investment opportunity for the buyer. To make matters sweeter, the city of Magnolia itself also stands to benefit from the buyer’s plans to breathe new life into the Magnolia landmark. I couldn’t think of a better outcome for all involved.”
Renaissance Center was originally constructed in 1985 and spans 92,724 square feet among 9.46 acres.