Dhanani Private Equity Group is getting back to its retail roots after diving deep into the multifamily realm in recent years.
And it appears to be set on working both sectors.
The Stafford-based firm purchased the 165,000-square-foot Kingwood Commons retail center earlier this month, and it acquired 30 acres of land on the northeastern corner of the Grand Parkway and FM 1314 in Porter shortly after, the Houston Business Journal reported. The purchase price was not disclosed for either transaction.
Kingwood Commons sits on a 17-acre tract at Kingwood Drive and Loop 494, just east of Interstate 69. CBRE brokers Matt Berry, Robbie Kilcrease, Drew Reinking and Jack Carbo represented Dhanani in the off-market deal. The seller was also undisclosed, but the last owner was Indianapolis-based Kite Realty Group Trust, according to the Montgomery Central Appraisal District.
Grocery chain Randalls was the complex’s largest tenant before it closed in early 2020, contributing to a current vacancy rate of 55 percent.
The deal marks a return to Dhanani’s roots. The firm started in the 1980s with a primary focus on retail. But more recently, the company has made a sharp pivot to multifamily development, with nearly 3,000 apartments in the pipeline.
The firm cited the attractive pricing and location as the driving factors behind the purchase of Kingwood Commons.
“The broader strategy is to acquire real estate at a great price and in a great location,” Dhanani principal Ahsan Daredia told the outlet. “Now, whether that’s retail, whether that’s multifamily — whatever comes across our desk and … fits our criteria.”
Multifamily is the plan for another recent deal by the firm–the acquisition of 30 acres in Porter. Dhanani plans to develop a 342-unit garden-style apartment complex on a chunk of the land, and sell 10 acres for commercial development.
The apartment complex, tentatively named Territory at Porter, is still in the design phase, with construction expected to start within the next year. The property is across the street from a 25-acre site that’s been owned by grocery chain H-E-B since 2018.
—Quinn Donoghue
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Dhanani Private Equity Group is getting back to its retail roots after diving deep into the multifamily realm in recent years. And it appears to be set on working both sectors. The Stafford-based firm purchased the 165,000-square-foot Kingwood Commons retail center earlier this month, and it acquired 30 acres of land on the northeastern corner
The post Private equity firm gets two properties in Montgomery County appeared first on The Real Deal. Uncategorized, Acquisition The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.