(For more retail coverage, click GlobeSt.com/RETAIL.)
WEBSTER, TX-The 19-acre Baybrook Gateway has been sold to NewPlan Excel Realty Trust and JPMorgan Investment Management Inc. Theclass A, 236,854-sf center, across the road from Baybrook Mall, hadattracted 100 requests for confidential agreements during its firstweek on the market.
Comparable retail centers in the area have sold for $295 per sfto $375 per sf. A hot market and cap rate compressions were themotivation for local owner Eastfield Realty Inc. to sell the19-acre property at 1345 W. Bay Area Blvd., according to StephannieMower, executive vice president and managing director of investmentservices for PM Realty Group's Dallas office.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
