The Shoppes at Cinco Ranch I is located at 9555 Spring Green Blvd., Katy, and is 92% leased, while the Shoppes at Cinco Ranch II is located at 25230 FM 1093, Katy, and is a value-add acquisition at only 9.5% leased, per the release.
“These acquisitions provide an opportunity for KM to acquire two retail buildings in the strong Katy-Fulshear market at below replacement cost with the ability to achieve above-market returns by leasing the existing vacancy,” KM Realty Managing Principal Randy Keith said in the release.
KM Realty, a private real estate investment trust, has been active in the Katy market for the past eight years, according to the release.
Director of Leasing Steven Stone said KM Realty started with three of their own ground-up shopping center developments along FM 1463 and has recently adopted several other listings in the area.
“With the acquisition of these two properties, [KM Realty] now owns 30 unanchored shopping centers across the Houston, Dallas, Fort Worth, Austin, San Antonio, El Paso and Phoenix markets,” Keith said in the release.
KM Realty was established in 2003 and primarily develops and acquires shopping centers in Houston.