Houston, Texas, August 21, 2018 – Fifth Corner announces that it has completed the acquisition of the Garden Oaks Center in Houston, Texas. This 100% occupied property is located in the Garden Oaks neighborhood of Houston at the traffic lighted intersection of the northeast corner of 34th Street and North Shepherd Drive. This is the fourth property investment for Fifth Corner Property Fund I, LP (“the Fund”) since the closing of its initial capital commitments in February 2018.
The Garden Oaks Center is comprised of approximately 14,000 square feet of improvements situated on 0.80 acres in an infill, community-oriented neighborhood directly adjacent to Graham Park and within close proximity to Loop 610, The Heights neighborhood and a 10-minute drive from Downtown Houston. The area has experienced tremendous growth and revitalization over the last 10 years and continues to improve given its proximity to major roads and employment centers.
“With the addition of the Garden Oaks Center, we are excited to grow the Fifth Corner footprint with the consistent quality of our Irreplaceable Corners™,” says Tenel Tayar, Co-Founder and Managing Partner at Fifth Corner. “With fundamentals that fulfill all of our “5D” investment framework, we are enthusiastic about the potential of this property and the opportunity to create value for our investors.”
The Fund has a fifth property under contract in one of Fifth Corner’s target markets. The anticipated closing date for the property is scheduled for the third quarter 2018.
ABOUT FIFTH CORNER
Fifth Corner is a Houston-based real estate company comprised of local sharpshooters investing and creating value on Irreplaceable Corners – retail and mixed-use properties in targeted urban and emerging urban submarkets. For more information, please visit their website at www.fifthcorner.com or contact Chad Braun at cbraun@fifthcorner.com.
Forward-Looking Statements
Statements included herein that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. Such statements, by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by these statements.