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BAYTOWN, TX-A South Texas investment group has sold its last metro property, the 74,531-sf Goose Creek Shopping Center, to a buyer from Las Vegas for just south of the $4.95-million ask.

Situated on six acres near the 1.4-million-sf San Jacinto Mall, the 1984-constructed center at 6902 Garth Rd. was acquired by CR Nevada Associates LLC as part of a 1031 exchange. “We had the property on the market for about a week to 10 days and got five offers during that time,” Jerry Goldstein with Marcus & Millichap Real Estate Investment Brokerage Co. in Houston, tells GlobeSt.com. “They were motivated and they acted very quickly on the deal.”

Goldstein adds the seller, Houston-based Creek Plaza LP, had owned the property for 10 years. “He felt it was an opportune time to put the property on the market and take advantage of the conditions,” says the deal’s sole broker.

Occupancy at sale time was 76%, with an 18,000-sf former movie theater as the only open space. The current tenant base includes Dollar General Enterprise Leasing, Pancho’s Mexican Restaurant, Lee Palace Chinese Restaurant and WorkSource.

Goldstein says the Baytown market recently has gained prestige, thanks in part, to the four-million-sf Wal-Mart distribution center which opened in the summer in nearby Cedar Bayou. And, he adds, “value products like this property aren’t easy to find, particularly when they’re well-located on a good street. The buyer is planning to optimize the value of this property through renovation and aggressive planning.”

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