News

McAllen, Texas — JLL Capital Markets has arranged the sale of Palms Crossing, a 399,075-square-foot, open-air retail center located in the Rio Grande Valley city of McAllen. Barry Brown, Chris Gerard, Claudia Steeb and Erin Lazarus of JLL represented the seller, WPG, in the transaction. The buyer was Winter Park, Florida-based CTO Realty Growth. Situated on nearly 47 acres, Palms Crossing was 98 percent leased at the time of sale to tenants including Hobby Lobby, Restaurant Depot, Best Buy, Burlington, Barnes & Noble and Guitar Center. The property also offers more …

Conroe, Texas — Hollywood, Florida-based JBL Asset Management has acquired Montgomery Plaza, a 315,708-square-foot power retail center located in Conroe, approximately 40 miles north of Houston. Ryan West and John Indelli of JLL’s Investment Sales and Advisory team represented the seller in the transaction. Montgomery Plaza was 94.3 percent leased at the time of sale to tenants including Academy Sports + Outdoors, O’Reilly Auto Parts, Crunch Fitness, Spec’s Wine Spirits & Finer Foods, Petco and Dollar Tree.

Bryan, Texas — SRS Real Estate Partners has negotiated the $2.2 million ground lease sale of a single-tenant retail property located at 2001 E. Highway 21 in Bryan. Specialty retailer Murphy USA occupies the 2,800-square-foot building on a 20-year, corporate-guaranteed, absolute triple-net lease. Jake Prater, Patrick Luther and Matthew Mousavi of SRS represented the seller, College Station, Texas-based Culpepper Realty, in the transaction. A Utah-based private investor purchased the property in an all-cash transaction. SRS Capital Markets has three additional Murphy USA-leased properties available in Florida, with several more listings launching …

Webster, Texas — CBRE has brokered the sale of Baybrook Village, a 278,842-square-foot shopping center located in Webster, approximately 20 miles southeast of downtown Houston. Mark Witcher, Jolie Duhon, Jim Batjer, Chris Cozby and Harrison Tye of CBRE’s National Retail Partners team represented the seller, O’Connor Capital Partners, in the transaction. Fidelis Realty Partners purchased the property for an undisclosed price. Brent Crawford and John Fenoglio, also with CBRE, arranged acquisition financing on behalf of the buyer. Originally built in 1978 and renovated in 2020, Baybrook Village houses a mix of tenants …