Kimco Buys 250,000-SF Second Phase at Pasadena Center

The 25-acre Fairway Market Place shopping center's selling and asking prices were not available. The Kimco REIT, a joint venture of Kimco Realty Corp. and institutional investors, also owns the 170,000-sf first phase.

Dallas-based Trammell Crow Co.'s Houston team of principal Rusty Tamlyn and associates Ralph Tullier and Aaron Theilhorn negotiated the transaction for the seller of record, TC Fairway Plaza Ltd., a Trammell Crow entity. The remaining two phases, which are under construction, include a 90,000-sf Kohl's and 125,000-sf Target. Tullier tells GlobeSt.com that the Kohl's property and some other inline retail space eventually will be sold while Target has purchased its land.

The fully occupied second phase is located at the southeast corner of East Sam Houston Parkway South and Fairmont Parkway. The tenant roster includes Best Buy, Barnes & Noble, Bed Bath & Beyond, Famous Footwear, Ross, Pier One, Chili's Restaurant, Men's Warehouse and The Avenue.

Tullier says the intersection is now the dominant retail hub for Pasadena. The city's retail was somewhat limited when Trammell Crow first undertook the project, says Tullier, but the synergy has since encouraged other retail development to spring up.