Little York Plaza
Houston, TX

Property Snapshot | 114,982 SF grocery-anchored shopping center in Houston, TX located at the intersection of Little York Road and the Hardy Toll Road.

Acquired: 8/29/24

Little York Plaza is a multi-tenant neighborhood shopping center located in North Houston and anchored by Seller Bros Grocery Store, a concept owned by La Michoacana, one of the largest private Hispanic grocers operating throughout Texas and Oklahoma. The center also features a mix of national and regional tenants including Dollar Tree, Texas Health and Human Services, Melrose, Octapharma Plasma, Aaron’s, and T-Mobile.

The property is strategically positioned within a dense Houston trade area along a high-traffic retail corridor with strong surrounding residential demographics and limited competing vacancy among grocery-anchored retail centers in the market.

Criterion acquired the property with a value-add strategy focused on increasing long-term net operating income through proactive lease negotiations, operational improvements, and strategic disposition opportunities. A major component of the business plan involves increasing Seller Bros’ below-market rental rate over time while maintaining a sustainable occupancy cost relative to store sales performance.

Additional value-add initiatives include increasing rents toward market levels upon renewals, converting select gross leases to NNN structures, and pursuing strategic outparcel monetization opportunities to reduce debt and improve overall investment performance. The business plan also contemplates the potential separate sale of select components of the property, including outparcels and additional standalone buildings, where advantageous.

Little York Plaza reflects Criterion’s investment strategy of acquiring necessity-based retail centers with strong in-place tenancy, below-market rents, and multiple paths to long-term value creation through disciplined asset management and operational execution.