Big V Property Group acquires 355,000 s/f Town Center

Cypress, TX In its first institutional joint venture and its first acquisition with a fund managed by Principal Asset Management, Big V Property Group has acquired Fairfield Town Center.

“Combined with our own 80 years of history, Big V and Principal Asset Management each have a storied legacy of success in serving clients and communities,” said Eric Zimmermann, chief acquisitions officer of Big V Property Group, who with Tony D’Ambrosio, vice president of acquisitions & dispositions, oversaw the transaction. “This collaboration underscores our shared focus on creating value and delivering quality experiences for the people and places we serve.”

Located at U.S. 290 and SH 99/the Grand Pkwy., the 355,000 s/f, value-oriented Fairfield Town Center is 99.5% occupied. The open-air center has a tenant mix of retail, entertainment and services, including a cinema, off-price retailers, beauty and apparel brands, and is complemented by grocery and sporting goods anchors.

“We’re excited to add this to our growing Texas portfolio, now six centers strong,” D’Ambrosio said. “Fairfield Town Center exemplifies the type of property Big V builds, acquires and redevelops — well-located in growing areas, dominant, with healthy anchors and the most-desired retailers and services. This is a trophy asset, which we are proud to add to our portfolio.”

“Big V’s longstanding presence in the Sunbelt and its comprehensive real estate capabilities were major draws for Principal Asset Management,” said Kyle Donnelly, director of acquisitions/Ddispositions at Principal Asset Management. “Their deep retail expertise and vertically integrated platform, spanning innovative leasing, strategic development, construction, legal, marketing, operations, and more, were key factors in our decision.”

Fairfield Town Center is positioned within one of the country’s fastest-growing trade areas, where the population within a five-mile radius has increased by 6% annually since 2010. The area has more than 122,000 residents, supported by an average household income of roughly $168,000 and a median home value of $379,030. These demographic fundamentals translate to consumer purchasing power and continued momentum for the Fairfield Town Center trade area.

Fairfield Town Center is the third most-visited retail center in the Houston MSA. More than 187,000 vehicles pass the center daily. Nearby are the Houston Premium Outlets, which sees 4.6 million visits per year, and Memorial Hermann Cypress Hospital, opened in 2017 and now being expanded.

The acquisition is Big V Property Group’s second in the Houston area and continues its growth in Texas. In addition, Big V, with partner The Seitz Group, broke ground on Rosamond Crossing, a new, 175,300 s/f, open-air center to be anchored by Kroger Marketplace in Anna, Texas, northeast of Dallas.