Amstar Sells LaCenterra at Cinco Ranch, Katy, Texas
Denver, Colorado (September 29, 2017) – Amstar, a Denver-based real estate investment manager, in conjunction with its partner, Vista Equities Group, a Houston-based fully integrated office and retail developer, announced today the sale of LaCenterra at Cinco Ranch, a 413K sf mixed-use retail and office project located in Katy (West Houston), Texas. Amstar and Vista purchased the land in 2006 and subsequently completed development of the Property in three phases between 2006 and 2014. At the time of sale, the Property was 89% leased to a strong mix of national and retail tenants, including Trader Joe’s, Nike, Snooze and Sephora. The Property was acquired by PGIM Real Estate, an affiliate of Prudential Financial, Inc. (NYSE: PRU).
The Property benefits from its high visibility and easy access to and from I-10 and its proximity to Cinco Ranch, one of the nation’s fastest growing master planned communities over the past five years. With premier entertainment offerings and a live-work-play mixed-use environment, LaCenterra has become a central gathering place for the Katy community, hosting farmers markets, concerts and holiday celebrations.
Amstar Senior Vice President, Brian Cornell commented, “As a thriving mixed-use project that serves as a true town center for the city of Katy, LaCenterra is amongst the most successful development projects that Amstar has had the privilege of being involved in. Woody Mann and his team at Vista Equities did an outstanding job of developing and managing the project and we value the relationship that we have built with them over the past decade.”
The final phase of LaCenterra is currently under construction and will be anchored by a 37,000-square-foot Alamo Drafthouse Cinema. It also will include an additional 7,500 square feet of retail space and a six-story parking garage. That phase is expected to be complete in June 2018.
Miles Theodore, Eric Zimmerman and John Hamilton from Eastdil Secured represented the seller.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $1.4 billion in assets under management (as of June 30, 2017). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar's clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.
Established in 1985, the Vista Companies is a Houston-based real estate services group specializing in real estate development, brokerage, leasing and property management. The company is comprised of Vista Equities Group, Vista Management Company and Vista Brokerage Services. Vista Equities focuses on the development of new properties and the acquisition of existing income-producing properties, while Vista Management provides leasing and property management services for third party owners and Vista’s own investment partnerships.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.0 billion ($50.5 billion net) as of September 30, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.