MetroNational Acquires CityCentre Retail from Midway
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, another Houston-based real estate developer. The terms of the deal were not disclosed.
The acquisition includes a 300,000-square-foot property featuring over 20 restaurants, ranging from casual spots like Hopdoddy, Grimaldi's, and Bellagreen to upscale options such as Daily Gather, the Capital Grille, North Italia, and Eddie V's Prime Seafood. Retailers like Kendra Scott, Sur la Table, and Warby Parker are also part of the mix. Additionally, entertainment venues such as the movie theater Star Cinema Grill and the upscale bowling alley Bowl & Barrel are included.
However, the deal excludes The Moran hotel, CityCentre's office buildings, and apartments. Midway will retain ownership of these properties.
MetroNational's holdings now encompass several large tracts 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. They recently added a 15-story office tower at 990 Town & Country Boulevard. MetroNational also has projects north of I-10, such as Greenside, which will transform former industrial buildings into retail and dining spaces. In total, they own over 10 million square feet of commercial real estate.
MetroNational CEO Jason Johnson expressed his admiration for Brad Freels and Midway's enhancements to the CityCentre offering over the last 15 years. He believes CityCentre is a legacy asset that will perform well for decades. The acquisition of CityCentre, combined with Memorial City, expands the footprint of premier amenities, aligning with MetroNational's vision of a 'city within the city'. This transaction not only enhances their portfolio but also reinforces their long-term commitment to positioning Memorial as one of Houston's most dynamic business and leisure destinations.
MetroNational is collaborating with Radom Capital to 'reimagine and elevate the retail experience at CityCentre'. Radom Capital is known for developing mixed-use projects, including MKT Heights, the Montrose Collective, and the historic Tower Theater complex. Steve Radom, managing principal of Radom Capital, expressed pride in partnering with MetroNational and CityCentre on this exciting opportunity, emphasizing their shared vision for vibrant, connected destinations.
