GALVESTON, Texas – (Realty News Report) – The Plaza at Galveston Island, a 151,905-SF neighborhood retail center located at busiest intersection in Galveston, has been sold, according to JLL Capital Markets.
JLL worked on behalf of the seller, Harold A. Clark & Co. The buyer was Main Street.
Highest Performing Whataburger in the Region
The center, built in 1970, is 84.5 percent occupied. center is leased to a highly recognizable tenant mix of local, regional and national retailers. Notable tenants include Dollar Tree, Ross, Five Below, Shoe Dept. Encore, Beall’s Outlet, UPS, AT&T, and the highest performing Whataburger in the region.
The property benefits from approximately 1 million annual visitors and is ranked within the top 10 percent of highest performing strip centers in the U.S.
Located at 6303-6327 Stewart Road, the property sits in Galveston, Texas’ most visited tourist destination, with over 6.5 million annual visitors and many hotels and vacation homes.
In addition to tourists, the center benefits from a total population of over 50,000, as well as its ideal positioning at the city’s main intersection of Stewart Road (23,670 vehicles per day) and 61st Street (23,369 vehicles per day).
The JLL Retail Capital Markets Investment Advisory team was led by Ryan West and John Indelli.
“Retail fundamentals are really outperforming with market occupancy at over 96 percent and considerable market rent growth. The rent growth is driven by retailer demand that has yet to be offset by retail space deliveries. Buyers are leaning back into the market looking to capture the strong fundamentals,” said Indelli.
JLL has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
June 23, 2023 Realty News Report Copyright 2022
Image: Courtesy JLL Capital Markets
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