Woodlake Square Shopping Center to Undergo Redevelopment

AmREIT, Inc. announced that it has started redevelopment of the Woodlake Square Shopping Center, a grocery-anchored, urban fill-in shopping center located in Houston, Texas. The project is being developed by a venture between AmREIT-sponsored investment partnerships and AEW Value Investors II.

The AmREIT-sponsored investment partnerships acquired the 20-acre site in 2007 as a redevelopment project. “While the buildings in the shopping center had deteriorated and the site plan needed substantial changes, the real estate remained top quality,” said Ron Lindsey, AmREIT’s managing vice president, development. The site is located at an intersection in an area that has “high household incomes and daytime and nighttime populations,” he explained. “In addition, over 100,000 cars go through the intersection each day. All these factors combined to make this site an excellent candidate for redevelopment.”

Significant portions of the existing center are being demolished and replaced with new buildings, and the balance of the shopping center will be extensively remodeled. The grand opening is set for early 2011. Retailers slated to lease space include a newer and larger Randalls “Lifestyle” format store, new tenant Jos A. Banks, and long-time tenants Walgreens, Ragin Cajun, and Memorial Eyecare, just to name a few.

Charles Scoville, AmREIT’s senior vice president/director of operations, and Lindsay represented the landlord in the lease negotiations with Randall.