Saturday, December 12, 2015

Sale of Houston-area retail center closed by HFF

Palmer Plaza, Emmett F. Lowry Expressway (FM 1764) and SH 146, Texas City, TX

Ryan West
HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Palmer Plaza, a 98,816-square-foot retail center in the southern Houston suburb of Texas City, Texas. 

HFF arranged the sale of the property on behalf of the seller, Weingarten Realty Investors.  EDIFIS purchased the asset for an undisclosed amount.

Palmer Plaza is positioned on 8.42 acres at Emmett F. Lowry Expressway (FM 1764) and SH 146 in the heart of the main retail corridor of Texas City, a coastal suburb southeast of Houston on Galveston Bay. 

The center, including two outparcel buildings, is 94.1 percent leased to a mix of national and local tenants, including Goodwill, Dollar Tree, Anytime Fitness, T-Mobile and Ace Cash Express and is adjacent to a newly-constructed H.E.B. 

The HFF investment sales team representing the seller was led by senior managing director Ryan West and associate director Matt Berry.

“This was one of those value-add deals disguised as an otherwise fairly stable asset,” West said.  “Some of the key tenants were about to run out of options, which should allow the new owner to recognize market rents through the existing tenants or new retailers expressing interest in the center.  The new H.E.B. next door certainly is playing a part in retailer’s interest at the intersection.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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