PORT ARTHUR, TX—What was once a single-tenant building became a multi-tenant retail center due to strong demographics in the Port Arthur market. This effort has brought about increased tax revenues and employment opportunities. The 84,584-square-foot retail property fully leased to three tenants, Hobby Lobby, PetSmart and Party City, is located on the corner of Highway 69 and F.M. 365.
“Baker Katz acquired this property in 2012 and transformed the single-tenant building into a multi-tenant center, bringing new national tenants to the area,” said Neal Wade of Baker Katz. “This is a well-positioned center in a strong trade area that has been repurposed to maximize the property's location and fulfill the demand of the local residents.”
After creating this successful tenant mix, Houston-based Baker Katz recently sold a portion of this Port Arthur property to Agree Realty Corp., according to Baker Katz principal Kenneth Katz. A 7,000-square-foot pad site previously constructed by Baker Katz was not included in the transaction and continues to be retained by Baker Katz.
“This project was a great opportunity for us to revitalize what was an empty metal building and turn it into a first-class retail center with three, new to Port Arthur, national retail tenants,” said Wade tells GlobeSt.com. “We were able to work alongside the city to develop a cost-sharing solution that allowed us to realize our vision for this redevelopment and bring increased tax revenue and jobs to the city.”
Ryan West of Holliday Fenoglio Fowler LP facilitated the transaction.
Baker Katz is an X Team International partner and full-service commercial real estate brokerage firm specializing in retail tenant representation, investment sales, and project development and leasing.
PORT ARTHUR, TX—What was once a single-tenant building became a multi-tenant retail center due to strong demographics in the Port Arthur market. This effort has brought about increased tax revenues and employment opportunities. The 84,584-square-foot retail property fully leased to three tenants, Hobby Lobby, PetSmart and Party City, is located on the corner of Highway 69 and F.M. 365.
“Baker Katz acquired this property in 2012 and transformed the single-tenant building into a multi-tenant center, bringing new national tenants to the area,” said Neal Wade of Baker Katz. “This is a well-positioned center in a strong trade area that has been repurposed to maximize the property's location and fulfill the demand of the local residents.”
After creating this successful tenant mix, Houston-based Baker Katz recently sold a portion of this Port Arthur property to Agree Realty Corp., according to Baker Katz principal Kenneth Katz. A 7,000-square-foot pad site previously constructed by Baker Katz was not included in the transaction and continues to be retained by Baker Katz.
“This project was a great opportunity for us to revitalize what was an empty metal building and turn it into a first-class retail center with three, new to Port Arthur, national retail tenants,” said Wade tells GlobeSt.com. “We were able to work alongside the city to develop a cost-sharing solution that allowed us to realize our vision for this redevelopment and bring increased tax revenue and jobs to the city.”
Ryan West of Holliday Fenoglio Fowler LP facilitated the transaction.
Baker Katz is an X Team International partner and full-service commercial real estate brokerage firm specializing in retail tenant representation, investment sales, and project development and leasing.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.