A recent transaction involving a retail center in Northeast Houston highlighted the importance of an Aldi grocery store as its main component. The Shoppes at Kingsgate, spanning 156,000 square feet and situated on a 15-acre parcel, was sold in this deal.
Originally built in 1980 and renovated in 2013, the center boasts multiple buildings and is anchored by Aldi and Dollar Tree since 2017. Other notable tenants include Cell Doc, Binh’s Tailor, Trademark Kitchen & Bath, The Mint National Bank,Schlotzsky’s,and On The Park Toy Store.
The seller from Houston was represented by Marcus & Millichap’s Philip Levyand Chris Gainey.According to Levy,the property had an impressive occupancy rate of95% at the time of sale.
Conveniently located at the intersection of Kingwood Drand Chestnut Ridge Rd,this property stands out for its prime location.The post highlights how having a grocery anchor like Aldi can greatly impact shopping centers’ success without mentioning any specific company names or locations.
