New Jersey investor buys Randalls mall in Champions area

First National Realty Partners entered the Texas market with the acquisition of Champions Village Shopping Center, a 383,346 square foot center anchored by a longtime Randalls grocery store in northwest Houston.

The company, a Red Bank, NJ-based commercial real estate private equity firm, targets grocery-anchored outdoor retail centers across the United States.

JLL Capital Markets has marketed the property for the seller, New Market Properties, a subsidiary of Preferred Apartment Communities. JLL’s Chris Gerard, Ryan West, Sherri Rollins and Ethan Goldberg worked on the deal.

Located on nearly 32 acres at 5215 FM 1960 at Champion Forest Drive, the mall is home to Barnes & Noble, TJMaxx, Tuesday Morning, Painted Tree Boutiques, La Madeleine, Don Ramons Mexican Restaurant, Kirklands, Bath and Body Works, Body & Brain Yoga, Berkeley Eye Center, Cassandra’s Louisiana Kitchen, and Mod Pizza. Randalls occupies 61,600 square feet.

RELATED: Investors buy malls in The Woodlands and Willowbrook areas

“We view this as a very strategic acquisition and are excited to leverage this transaction to expand our presence in Houston and across the state,” said Stephen Joseph, director of acquisitions for First National. Realty Partners in a statement.

The 120,000 square feet of available space, representing about 30% of the center, provides the company with an opportunity to increase occupancy and cash flow, Joseph said.

The deal builds on a strong year for grocery-anchored retail center sales with a record 735 U.S. transactions in 2021, according to JLL’s Grocery Tracker 2022 report. Acquisition volume reached $13.3 billion, the second highest level followed by JLL.

Northwest Houston has been a hot zone for retail investment. A few miles from the Champions Village mall, Houston-based Wu Properties recently purchased the Willowchase Center, anchored in the Fiesta grocery store near Texas 249 and FM 1960.

Miami-based developer MGold Properties recently purchased and remodeled nearby Willowbrook Plaza, a 384,858-square-foot center located at 17355 Tomball Parkway at Texas 249. New York-based DLC Management Corp. acquired Wood Ridge Plaza , a 211,218 square feet. center on Interstate 45 near The Woodlands.

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