Last Mile Investments Bullish on Houston Retail Market

Last Mile Investments has expanded its retail holdings over the past year and a half, acquiring its first two shopping centers in the Houston area.

The Cincinnati-based firm purchased the 24,000-square-foot Westheimer Plaza in Houston and the 70,200-square-foot College Park Plaza in The Woodlands, the Houston Business Journal reported. The acquisitions are part of Last Mile’s broader plan to invest in high-growth markets across the Sun Belt, with Texas as a primary focus.

Sean Quinn of Last Mile and Charles Blaschke of Edge Realty Partners are managing leasing for the properties.

The Woodlands Plaza, at 3091 College Park Drive near FM 242 and Interstate 45, was acquired in November 2023 from Crow Holdings. The shopping center is 87 percent leased of tenants including Jersey Mike’s, Kung Fu Tea, Woof Gang Bakery & Grooming, Triple Pepper and HealthQuest Therapeutics.

The Houston Plaza, at 5757 Westheimer Road, was purchased in June from a private owner. Built in 1987 and modernized in 2001, the center is fully leased. Tenants include Café Lili Lebanese Grill, Exotic Diamonds, Domino’s Pizza and Flaming Flare. Planned upgrades for the property include enhancements to its façades, signage and parking lot.

Founded in 2019, Last Mile Investments specializes in retail properties providing essential daily services like dining, healthcare and personal care. The firm, headed by co-founder and CEO Ryan Moore, is a portfolio company of North American Properties Company, which is led by Tom Williams, one of the principal owners of the Cincinnati Reds.

The retail vacancy rate in the Houston area stood at 5.4 percent in the third quarter, according to Colliers. Meanwhile, net absorption for the period was 458,500 square feet, amid 898,700 square feet of construction deliveries.

Recent retail acquisitions in the Houston area include SLS Properties’ purchase of the 189,000-square-foot Baybrook Passage shopping center in Webster, and Wu Properties’ purchase of the 165,700-square-foot Woodlake Square in Westchase.

Wu Properties’ Houston-area shopping center portfolio also includes the 182,000-square-foot Northwest Crossing Centre at Highway 290 and Hollister, the 42,800-square-foot Stables 1 in the 18000 block of Champion Forest Drive, the 139,000-square-foot former Sam’s Club building at 13331 Westheimer Road, and the 189,300-square-foot Presidio Square shopping center

— Andrew Terrell