HOUSTON—Transwestern has brokered the disposition of Fairmont Parkway Shopping Center, a 172,002-square-foot power center located at the intersection of Beltway 8 and Fairmont Parkway in Pasadena.

Transwestern senior vice president Micha van Marcke, director Paul Barile, director Janice Sellis and associate Chace Henke represented the seller, A-S 82 Fairmont Parkway – Beltway 8 LP. An undisclosed South American buyer acquired the asset.

Transwestern's Structured Finance managing directors Jan Sparks and Michael Snodgrass and vice president Tim Bennett secured the debt for the buyer.

“The combination of the proximity to the expanded Houston Ship Channel, which allows even larger Panamex ships through the channel, as well as a  $100-billion investment for the expansion of petrochemical plants, and specifically olefins [building blocks of plastics], results in East Houston being a long-term stable market highly desirable to investors,” van Marcke told GlobeSt.com. “Low oil prices in turn produce higher profits for the petrochemical manufacturers and more exports. The result is stable job environment and strong continued retail sales in the Pasadena market.”

Fairmont Parkway Shopping Center is located in the regional retail hub for Pasadena and the surrounding communities, including Deer Park and La Porte. The area consists of 1 million square feet of retail and is supported by a rapidly growing and highly educated consumer market. Dual-anchored with long-term leases by 24-Hour Fitness and iT'Z Family, Food & Fun, the property is stabilized at 96 percent occupancy with a strong roster of national tenants including Comerica Bank, Goodwill and Pei Wei. 

The Houston Ship Channel is driving growth in East Houston and the Pasadena submarket, making it attractive to investors for all property types. Currently, $100 billion has been invested in planned chemical plant construction and expansion through 2019. Pasadena is bordered by the Bayport Industrial District and the Port of Houston.