real estate news

Memorial City developer acquires all of CityCentre's retail properties

Many of the businesses are adjacent to this green space.

Photo by ShauLin Hon

One of Houston’s premier shopping and dining destinations has a new owner. Houston-based real estate developer MetroNational has acquired the retail portions of CityCentre from Midway, which is also a Houston-based real estate developer. Terms of the deal were not disclosed.

Notably, the deal includes an over 300,000-square-foot property that’s home to more than 20 restaurants — ranging from casual concepts such as Hopdoddy, Grimaldi’s, and Bellagreen to more upscale options such as Daily Gather, the Capital Grille, North Italia, and Eddie V’s Prime Seafood — as well as retailers such as Kendra Scott, Sur la Table, and Warby Parker. It also includes entertainment destinations such as movie theater Star Cinema Grill and upscale bowling concept Bowl & Barrel.

However, the deal does not include The Moran hotel or CityCentre’s office buildings or apartments. Midway will retain ownership of those properties.

Since MetroNational also owns the 300-acre Memorial City complex, its holdings now consist of several large tracts that run along the south side of I-10 from Bunker Hill Road to the Sam Houston Tollway, including Memorial City Mall, Gateway Memorial City, Hotel ZaZa Memorial City, and Memorial Hermann Tower. Earlier this year, MetroNational added the 15-story office tower at 990 Town & Country Boulevard. It also has holdings north of I-10, including Greenside, a new project that will transform former industry buildings into retail and dining spaces. In total, it owns more than 10 million square feet of commercial real estate.

“For the last 15 years, we have watched and admired how well Brad Freels and Midway have enhanced the customer experience with the CityCentre offering,” MetroNational CEO Jason Johnson said in a statement. “We believe CityCentre is a legacy asset that will perform for many more decades. Together, Memorial City and CityCentre expand the footprint of premier amenities, supporting our vision for a ‘city within the city.’ This transaction not only enhances our portfolio but also underscores a long-term commitment to positioning Memorial as one of Houston’s most dynamic business and leisure destinations.”

Just as it did for Greenside, MetroNational is working with Houston’s Radom Capital to “reimagine and elevate the retail experience at CityCentre,” according to press materials. Radom is known for developing a number of mixed-use developments, including MKT Heights, the Montrose Collective, and the historic Tower Theater complex and adjacent buildings on lower Westheimer.

“We are proud to partner with MetroNational and CityCentre on this exciting opportunity,” added Steve Radom, managing principal of Radom Capital. “Their vision for vibrant, connected destinations aligns perfectly with our commitment to delivering best-in class spaces that bring people together.”

So hot right now

Houston nails down No. 8 spot among fastest-moving luxury home markets

TK Images for Martha Turner Sotheby's International Realty

11095 Memorial Drive is for sale for $8.8 million.

For-sale signs on the lawns of luxury homes in Houston-area communities like Bellaire, River Oaks, West University Place, and The Woodlands are disappearing faster than in most U.S. markets.

November’s Realtor.com Luxury Housing Report shows luxury homes in the Houston metro area spent a median 61 days on the market in November, up 3.4 percent from last November. That puts the Houston metro in eighth place among the country’s fastest-moving luxury home markets.

Asking prices for Houston-area listings among top-tier luxury homes started at $794,576 in November, according to the Realtor.com report.

The Houston Association of Realtors (HAR) says stepped-up activity in the luxury home market helped boost the average single-family home price in the area to $422,552 in November. The luxury market — homes priced at $1 million and above — was the region’s top-performing home category in November, according to HAR, with sales up 23.4 percent compared with the same time in 2024.

The Realtor.com report ranks San Jose, California, as the fastest-moving metro for luxury home sales in November. There, luxury homes spent a median 56 days on the market, down 6.7 percent from last November.

“Luxury home dynamics are increasingly driven by local factors rather than national trends,” Antony Smith, senior economist at Realtor.com, says in a release. “Some high-cost metros are experiencing brisk demand and fast turnover, while others face slower sales even at elevated price points. Understanding these local dynamics is key for both buyers and sellers in today's luxury market.”

Roughly 200 miles west of Houston, the San Antonio metro lands on Realtor.com’s list of the country’s slowest-moving markets for luxury homes. San Antonio-area luxury homes lingered on the market for 99 days in November, up seven percent from the same time last year. That gave San Antonio eighth place on the list of the country’s slowest-moving luxury home markets.

Asking prices for San Antonio-area listings among top-tier luxury homes started at $766,548 in November, according to the report.

In November, 5.6 percent of home prices fell into the $750,000-and-above category, according to the San Antonio Board of Realtors (SABOR).

Bend, Oregon, tops Realtor.com’s list of the slow-moving markets for luxury homes. In the Bend metro area, luxury homes were stuck on the market for a median 146 days in November, up 14.1 percent from the same period in 2024.

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