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.”

REAL ESTATE NEWS

More Houston homeowners are becoming 'accidental landlords,' study finds

For Lease Real Estate Sign Hangs in Front Yard of House

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An increasing number of San Antonio homeowners are bcoming "accidental landlords"

Houston homeowners unable to sell their properties are increasingly becoming “accidental landlords,” according to Zillow. The real estate marketplace’s newest analysis says that 4.2 percent of its local for-sale listings recently converted to rentals, making the Bayou City the second-worst U.S. city for the market trend.

Only Denver (4.9 percent) ranks higher, with Austin (4.1 percent) and San Antonio (3.9 percent) not far behind. Seven of the top 10 metros are in Texas or Florida.

Zillow senior economist Kara Ng says today's dynamic is driven by choice rather than panic. Homeowners aren't being forced to sell; they're simply unwilling to accept what the market will actually pay.

"As the market continues to rebalance, sellers are facing a different reality than they did a few years ago," Ng said in a statement. "Bargaining power is tilting toward buyers, and homes are taking longer to sell, making renting out a property one way to buy time rather than compete aggressively on price. After all, today's sellers are rarely forced to sell, and it appears they are often unwilling to budge off of what their heart says their home is worth."

Nationally, the trend is nearing a record high. 2.3 percent of all Zillow rental listings were recently for-sale properties, second only to November 2022, when mortgage rates had doubled in a single year, and sellers were scrambling. That spike was shock-driven, but now stubbornness is likely fueling the shift.

Single-family homes make up the largest share of accidental landlord properties, but condos are seeing the fastest rise. Metros with the hottest buyer competition, including Boston, New York City, and Providence, Rhode Island, have the lowest accidental landlord rates.

For both local buyers and sellers, Goldilocks thinking is increasingly the norm. Sellers, especially those who bought during the COVID-19 boom, are holding their asking price firm to avoid taking a loss. Buyers, for their part, are refusing to compromise on concessions and repairs.

Meanwhile, the city's rental market keeps getting larger. In 2025, rental listings website Point2Homes placed the Houston area among the top 10 U.S. metros building the most new homes for rent.

home market renting home ownership zillow rankings real estate