HOUSTON – (Realty News Report) – The Baybrook Passage Shopping Center, located along the Gulf Freeway on Houston’s southeast side, has been acquired by Gulf Coast Commercial Group.
The shopping center is located across from Baybrook Mall, the dominant retail destination on the southeast side.
Baybrook Passage is a 189,334 SF shopping center located on 20.5 acres at 19425 Gulf Freeway at Bay Area Blvd.
This is the first time Baybrook Passage has been to market since it was developed in 2003. The seller, Passage Realty, Inc., is affiliated with CDC Houston, which owns the Baybrook Mall and other nearby property.
CBRE represented the seller of the center, which is nearly 80 percent occupied with major tenants including Best Buy, Staples, Memorial Hermann Urgent Care and DXL Casual Male. Mia’s Table, Torchy’s Tacos, Pei Wei Asian Kitchen and The Joint are among the food and beverage and service offerings.
According to Gulf Coast Commercial Group’s newly appointed COO Gerald Crump, “We see tremendous value in the current asset through leasing of available space and improving the overall tenant mix. We believe the timing could not be better by capitalizing on the roadway improvements that have taken place recently with the I-45 main lanes and Bay Area Blvd. now at grade with the neighboring shopping centers. We were also very enthusiastic to the tenant interest during our due diligence leading up to the acquisition.”
Crump, a veteran in the Houston shopping center buisness was formerly an executive with Weingarten Realty Investors, a Houston-based shopping center firm that was acquired by Kimco Realty last year.
The Baybrook Passage leasing team intends to build on the recent momentum of the prior ownership to deliver first to market tenants who may be missing from the immediate trade area, which continues to gain appeal with new and neighboring best in class multifamily, medical and the recently opened El Dorado H-E-B.
Baybrook Passage center is located in the municipality of Webster.
Founded in 1999, Gulf Coast Commercial Group and its affiliates have overseen the development of more than 8 million SF of retail space in 12 states. While it has historically grown through new development projects, in recent years, the company has expanded its portfolio with quality shopping centers, such as Baybrook Passage, where it can add value.
Feb. 21, 2022 Realty News Report Copyright 2022.
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Image: Courtesy Gulf Coast Commercial
File: Baybrook Shopping Center Sold
File: CDC Houston. Baybrook Shopping Center Sold. Baybrook Passage. Kimco Realty. Best Buy, Staples, Memorial Hermann Urgent Care, DXL Casual Male. Mia’s Table, Torchy’s Tacos, Pei Wei Asian Kitchen. Gulf Coast Commercial