Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

TEXAS CITY, TX-An investor from Houston, Peter Eit Investments, has emerged as the high bidder in the sale of Mainland Mall, a 68,777-sf retail center here. Houston-based Weingarten Realty Investors sold the center, which is located at 5210 FM 1765.

Mainland Mall was listed at $3.7 million or $54 per sf. While no one is talking, sources say the final price was “close” to that. At that price, the center offered a cap rate of 10%, according to Jerry Goldstein, a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. Goldstein represented Weingarten in the sale, while Peter Eit Investments was represented by Mark McGinley of Tarrantino Properties.

Built in 1968 and renovated in 1992, Mainland Mall is comprised of two buildings, a 55,592-sf structure anchored by Arlan’s Market, and a 13,185-sf freestanding building that is vacant. Both buildings sit on 11.4 acres. Other tenants in the center include America’s Ace Cash; Family Dollar; H&R Block; Subway and Check’n'Go. National credit tenants occupy 86% of the leased space, and rental rates range from $4 per sf to $17 per sf.

Mainland Mall received five offers during its 30 days on the market, Goldstein tells GlobeSt.com. “The return was generous to begin with and there’s upside in the land,” he says, adding that there’s some risk in the vacancy, but the land could be sold off for future development. The Galveston Central Appraisal District has levied an assessment of $2.1 million on Mainland Mall.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.