Introduction to CityCentre’s 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, but it’s clear that this acquisition will have a significant impact on the city’s shopping and dining scene.
What’s Included in the Deal
The deal includes a massive 300,000-square-foot property that’s home to over 20 restaurants, ranging from casual concepts like Hopdoddy, Grimaldi’s, and Bellagreen to more upscale options like Daily Gather, the Capital Grille, North Italia, and Eddie V’s Prime Seafood. Additionally, the property features retailers like Kendra Scott, Sur la Table, and Warby Parker, as well as entertainment destinations like movie theater Star Cinema Grill and upscale bowling concept Bowl & Barrel.
What’s Not Included in the Deal
It’s worth noting that the deal does not include The Moran hotel or CityCentre’s office buildings or apartments. Midway will retain ownership of those properties, ensuring that they will continue to operate independently.
MetroNational’s Expanding Holdings
With this acquisition, MetroNational’s holdings now consist of several large tracts of land along the south side of I-10, including Memorial City Mall, Gateway Memorial City, Hotel ZaZa Memorial City, and Memorial Hermann Tower. The company also owns the 15-story office tower at 990 Town & Country Boulevard and has holdings north of I-10, including Greenside, a new project that will transform former industry buildings into retail and dining spaces. In total, MetroNational owns over 10 million square feet of commercial real estate.
A Shared Vision for the Future
MetroNational CEO Jason Johnson expressed his admiration for Midway’s work on CityCentre, stating that the company believes CityCentre is a legacy asset that will perform well for many more decades. Johnson also emphasized that the acquisition enhances MetroNational’s portfolio and underscores its long-term commitment to positioning Memorial as one of Houston’s most dynamic business and leisure destinations.
Partnering for Success
MetroNational is working with Houston’s Radom Capital to "reimagine and elevate the retail experience at CityCentre." Radom Capital is known for developing mixed-use developments like MKT Heights, the Montrose Collective, and the historic Tower Theater complex. Steve Radom, managing principal of Radom Capital, expressed his excitement about partnering with MetroNational, stating that their vision for vibrant, connected destinations aligns perfectly with Radom Capital’s commitment to delivering best-in-class spaces that bring people together.
Conclusion
The acquisition of CityCentre’s retail portions by MetroNational marks a significant shift in Houston’s shopping and dining landscape. With its expanding holdings and partnerships with companies like Radom Capital, MetroNational is poised to create a "city within a city" that offers a unique and exciting experience for residents and visitors alike. As the company continues to grow and develop its properties, it will be interesting to see how CityCentre and Memorial City evolve to meet the changing needs and desires of the community.
