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