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WEBSTER, TX-The 19-acre Baybrook Gateway has been sold to New Plan Excel Realty Trust and JPMorgan Investment Management Inc. The class A, 236,854-sf center, across the road from Baybrook Mall, had attracted 100 requests for confidential agreements during its first week on the market.

Comparable retail centers in the area have sold for $295 per sf to $375 per sf. A hot market and cap rate compressions were the motivation for local owner Eastfield Realty Inc. to sell the 19-acre property at 1345 W. Bay Area Blvd., according to Stephannie Mower, executive vice president and managing director of investment services for PM Realty Group’s Dallas office.

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