MEPT announces acquisition of Parkway Village in Houston
Multi-Employer Property Trust has announced the acquisition of Parkway Village in Houston.
Parkway Village is a 134,000 square-foot grocery-anchored community center. Its purchase is part of MEPT's strategy of acquiring grocery-anchored retail centers across the country, according to a press release.
"We believe Parkway Village will generate stable income for MEPT since it is over 90 percent leased, anchored by the local, dominant grocer in the market, has minimum near-term rollover and serves an affluent, densely populated area," stated David Antonelli , executive vice president and MEPT portfolio manager, said in a press release.
An additional factor that contributes to the high performance of Parkway Village is the area's healthy economy, according to the release. Houston has been seeing population and wage growth that has spurred the sectors that serve local populations. MEPT believes that current demands will continue to raise sales growth.
Parkway Village is 12 miles west of downtown Houston in the Energy Corridor submarket. It is close to Interstate 10 and Briar Forest Drive which make Parkway Village easily accessible.
For more information on MEPT, visit www.mept.com.
Local Advertising by PaperG