Agree Realty Acquires Retail Center on the Texas Gulf Coast
- Oct 20, 2016
By Anca Gagiuc, Associate Editor
Houston—HFF announced it has closed the sale of an 84,584-square-foot, recently-redeveloped, fully-occupied, multi-tenant, net-leased property in the coastal community of Port Arthur, Texas. Agree Realty Corp. acquired the asset for an undisclosed amount.
HFF represented the seller, Houston-based Baker Katz. The HFF investment sales team was led by Senior Managing Director Ryan West and Associate Director Matt Berry.
“There has been significant commercial activity and development occurring in Port Arthur, including the Natural Gas Project Golden Pass LNG Terminal, which has created thousands of jobs in the area,” West said in a prepared statement. “Strong retail sales and demand for space in this trade area is a testament to Port Arthur’s strong economy. The property is ideally positioned in the trade area and it will prove to be a great investment for Agree Realty.”
Renovated in 2014, the property occupies 5.75 acres at 2770 Highway 365 in Port Arthur, a coastal community in southeastern Texas, approximately 90 miles from downtown Houston. The retail center is situated on the southeastern corner of Highways 365 and 69, which has combined traffic counts of more than 65,000 vehicles per day, as well as more than 36,200 residents living within a three-mile radius of the center. The asset is fully-leased to Hobby Lobby, Party City and PetSmart and is shadow-anchored by Walmart.
Image courtesy of Baker Katz