Monthly Archives: October 2019

Closed: Grocery-Anchored Retail Center in Metro Houston

Q10 KDH Vice President Matt Franke and Associate Michael Borden arranged debt for the acquisition of a grocery-anchored shopping center. Matt and Michael worked on behalf of the borrower to obtain a competitive fixed interest rate with a correspondent lender.

“We were engaged by the purchaser to obtain acquisition financing for this 115,000 square foot retail center in Pasadena, Texas,” Matt said. “Although many lenders wrongly perceive retail as being a poorly performing asset class, our correspondent lender, Securian, sees strong market fundamentals in well located properties such as Fairmont Junction. The property is anchored by a 42,000 square foot El Rancho grocery store that is rapidly expanding in Houston, and their new 10-year lease will draw customers to the property. Securian was able to underwrite and successfully fund the loan even though the anchor tenant was still building out their interior finish and not scheduled to open until 2-3 months later.”

Houston Economy at a Glance – October 2019

The October 2019 issue of the Houston Economy at a Glance (courtesy of the Greater Houston Partnership) has been released. This month’s highlights include:

  • Metro Houston added nearly 1.3 million residents between 2008 and 2018, a 22.3% increase.
  • In 2008, the region’s median age was 33.1 years. In 2018, the median was 34.6 years.
  • Metro Houston created 81,900 jobs, a 2.7% increase, in the twelve months ending August 2019.
  • City of Houston building permits totaled $7.2 billion for the 12 months ending August 2019, up 16.3% from $6.2 billion for the same period a year earlier.
  • The Houston Purchasing Managers Index (PMI), a short-term leading indicator for regional production, registered 51.6 in August, slightly up from 51.4 in July.

This document can also be viewed here. Please contact us if you have any questions about the information provided.