Brazos Mall Changes Ownership
- Nov 05, 2015
By Adelina Osan, Associate Editor
The 680,951-square-foot retail center located in Lake Jackson changed ownership as Dallas-based Centennial Real Estate Co., in partnership with Atlantic Creek Real Estate Partners LLC and The North Shore Properties Group, closed on the off-market acquisition of Brazos Mall.
Located at the intersection of Highway 288 and Oyster Creek Drive, Brazos Mall is the only enclosed retail center in the Brazosport area, which is benefiting from nearly $30 billion of investments underway or planned for completion by 2020, including Dow’s new Texas Innovation Center and Port Freeport’s LNG terminals. The Lake Jackson/Brazosport area is an attractive market for retailers and restaurants as trade area population reaches more than 132,000 and the average household income is nearly $70,000.
“The Brazosport area is one of the fastest growing markets in Texas. Brazos Mall is the commercial hub of this growing community whose population is projected to increase by 2.5 percent annually over the next five years,” said Steven Levin, chief executive officer of Centennial Real Estate, in a prepared statement. “Residents deserve a vibrant retail destination with a best-in-class merchandising mix and amenities that appeal to the community. We plan to embrace the community and invest in Brazos Mall in order to create a truly dynamic shopping experience.”
The center had an occupancy of 92 percent at the time of the sale and features national retailers such as JC Penney, Dillard’s, Victoria’s Secret, Rue 21, Aeropostale, American Eagle Outfitters, Hot Topic, Ross Dress For Less and a new 14-screen Starplex Cinema, the only first-run movie theater in a 40 mile radius.
Image courtesy of Englewood Development Management