HOUSTON – (Realty News Report) – Partners Capital — the investment management platform and development arm of Partners Real Estate Company acquired Bay Pointe Shopping Center, a two-building, 98,522-SF retail center in the Clear Lake area of southeast Houston.
Bay Pointe Plaza is currently 100 percent leased with a dark Randall’s store location. The Randall’s lease expires in March 2024, making available over 68,000 SF of former grocer space.
Re-imagining a Dark Randalls Store
In Houston’s highly competitive grocery market, Albertsons Companies, the Boise-based grocery firm that owns Randall’s has shuttered several under-performing Randall’s in recent years.
Bay Pointe Plaza has access off Space City and Clear Lake City boulevards and is the fourth acquisition made by Partners Capital’s Fund IV investment vehicle.
“Bay Pointe represented an opportunity to acquire a value-add asset in a high-demand, low-supply area, and we’re excited to add it to our portfolio,” said Andrew Pappas, Managing Director of Partners Capital and Partner, Partners Real Estate Company. “The property has historically been a strong performer, with an average tenant tenure over 17 years, and we have the unique opportunity to bring new life to the shopping center and neighborhood through the redevelopment of the Randall’s space.”
The shopping center, which is located near NASA’s Johnson Space Center, sits on nine acres of land.
Hawkins: Building an Additional 30,000 SF
“We’re excited to build an additional 30,000 SF of inline retail ay Bay Pointe and collaborate with our development division on this exciting project,” said Adam Hawkins, Senior Vice President, Partners Capital.
Partners Capital found the opportunity through Matt Berry, Robbie Kilcrease, and Drew Reinking at CBRE, who represented the seller, entities affiliated with Pennington and Chen. Financing was provided by Peyton Jones at Veritex Bank in Houston.
In 2021, Partners Real Estate Company completed over $155 million in transactions and has over $330 million in transaction volume during the last five years. Its current portfolio comprises more than 1 million SF of retail, industrial, and office properties.
Home Run: The Taylor Play
Partners has completed a number of deals around Texas, including a warehouse project in Taylor, near Austin. Subsequently, Samsung acquired 1,200 adjacent acres where a $17 billion, 6 million-SF semiconductor factory will be constructed.
Last year, Andrew Pappas, Managing Director of Partners Capital, was a guest on THE RALPH BIVINS PROJECT produced by Realty News Report. To hear the entire podcast CLICK HERE.
Jan.13, 2022 Realty News Report Copyright 2022
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
Image: Courtesy Partners Capital — the investment management platform and development arm of Partners Real Estate Company. NAI Partners.
File: Clear Lake City, Pennington, Chen, Center with Closed Randalls Acquired by Partners Real Estate Company. NAI Partners