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.”

The Boom Continues

Booming Houston-area ZIP among 5 fastest-growing new neighborhoods in U.S.

City of Fulshear/Facebook

Fulshear's 77441 ZIP code was the fourth-fastest growing U.S. neighborhood from 2014-2023.

As Texas' ever-growing population generates more demand among regional housing markets, one Houston-area ZIP code has seen more growth than nearly all other ZIPs in the state — and in the country.

Fulshear's 77441 ZIP code ranks No. 4 in RentCafe's new study that analyzed the 50 fastest-growing "new neighborhoods" in America "that barely existed a decade ago." Two more more Houston-area ZIPs in Katy and Richmond also made the cut.

The study reviewed housing inventory and population growth across 32,000 U.S. ZIP codes and narrowed down the search to the top 50 locales that experienced a 51 percent minimum surge in new housing units from 2014-2023.

Overall, Texas dominated the list with 17 of the nation's 50 booming new neighborhoods.

RentCafe determined the 77441 ZIP code in Fulshear saw a 391 percent surge in housing inventory in the last decade to keep up with the area's 482.7 percent population growth over the same period.

In 2014, there were just 5,647 residents living within the bounds of 77441, which stretches across both halves of FM 1093 as far west as Sidmonton and as far east as FM 1463 Rd. During that same year, there were only 2,163 housing units in the area, which has since spiked to 10,615 units as of 2023. The ZIP code now boasts a population of more than 32,900 residents, the study found.

"Fulshear is a good example of exurban spillover as it’s located within proximity of Houston’s major employment centers, like the Energy Corridor and Texas Medical Center," the report said. "In fact, Fulshear is about 30 miles from downtown Houston, which makes it a great living option for commuters."

Fast-growing ZIPs in Houston
77493 in Katy and 77407 in Richmond respectfully ranked as the 25th and 45th fastest-growing ZIPs in the U.S. over the last decade.

The report's findings revealed Katy has more than doubled its housing inventory to 20,552 units, up from about 8,200 units in 2014. The area's population has also more than doubled, from 24,577 to 62,264 residents as of 2023.

Richmond's population has surged 123 percent over the last decade, from 11,350 to 25,284 residents, and housing inventory soared 132.4 percent to keep pace with the growth. A recent boom in apartment construction is a major factor that contributed to the suburb's expansion, the report said.

The top 10 "newest" neighborhoods in the U.S., says RentCafe, are:

No. 1 – Chino, California (91708)
No. 2 – Timnath, Colorado (80547)
No. 3 – Colorado Springs (80927)
No. 4 – Fulshear, Texas (77441)
No. 5 – Ponte Vedra, Florida (32081)
No. 6 – Jersey City, New Jersey (07311)
No. 7 – Fort Worth (76177)
No. 8 – Colorado Springs (80924)
No. 9 – Prosper, Texas (75078)
No. 10 – Melissa, Texas (75454)

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