Nuveen Global Cities REIT Buys Retail Shopping Center Near Houston
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has purchased Main Street at Kingwood located in Humble, Texas.
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has purchased Main Street at Kingwood located in Humble, Texas for $85.7 million.
Located 27 miles northeast of downtown Houston, Main Street at Kingwood is a 185,800-square foot grocery-anchored retail shopping center that was built in 2016. The property is 98 percent leased to 36 tenants, including H-E-B, the dominant Texas grocer, with a weighted average remaining lease term of 13.9 years. The REIT funded the acquisition with cash on hand and a $60 million unsecured revolving loan from Wells Fargo.
Nuveen Global Cities REIT is externally advised by TH Real Estate Global Cities Advisors, an affiliate of TH Real Estate. The company’s $5 billion offering was declared effective by the Securities and Exchange Commission in January 2018.
Nuveen is the asset management subsidiary of the Teachers Insurance and Annuity Association of America. TIAA has purchased $260 million in unregistered Class N common stock as part of its $300 million investment commitment, and the board of Nuveen Global Cities REIT purchased $600,000 of Class I shares. As of the second quarter of 2018, the REIT oversaw a portfolio of seven individual properties purchased for approximately $203.9 million.
