PASADENA, Texas – Allendale Shopping Center, LP has sold the Allendale Shopping Center in the Pasadena community to SJGZ Investments.
The center is located at 2000 and 2131 Richey Street. Allendale Shopping Center, LP was represented by Marshall Clinkscales of Colliers International. The buyer was represented by Matt Moake of HighStreet Net Lease Group.
The center is on the east side of the Houston area, which has been gaining momentum, Clinkscales said in a recent interview.
“Developers and retailers naturally looked to the more glamorous areas on the west and north sides of Houston, but now, the eastside has been discovered,” Clinkscales said. “We have to remember that developers don’t drive the retail boat, retailers and users do. We are just along for the ride. There is so much activity; it’s making some dramatic changes in Pasadena. I think the turning point can be traced to the developments done by Alan Hassenflu, CEO of Fidelis Realty Partners, on the southeast and northeast corners of Fairmont Parkway and E Beltway 8. The tenants opened to strong sales and continued to perform extremely well. Word began to spread about retail opportunities here. The sales were evidence of the strong spendable income in the southeast. The area had been underserved for so long that the people really responded to these developments. As others came, rents and land values increased and the story began to spread.”
July 26, 2016 – Copyright 2016 Realty News Report