Orr Commercial Sells Houston-Area Shopping Center Asset
- Jan 17, 2020
Orr Commercial has sold Bay Area Plaza, a three-building, 72,600-square-foot retail property with a flex-industrial component in Webster, Texas. Hunington Properties purchased the asset and Independent Bank provided the acquisition financing, according to public records. JLL Capital Markets facilitated the deal on behalf of the seller. At the time of sale, the asset was 98 percent occupied.
The asset’s shopping center component is located at 103-133 Bay Area Blvd. and 16830-16888 TX-3, just off Interstate 45, with a combined daily traffic of roughly 69,000 cars. The property sits in the city’s retail area, roughly 1 mile from Center at Baybrook and Baybrook Mall. Additionally, the industrial space, occupied by Ad Astra Rocket Co., is situated at 151 Bay Area Blvd., less than 3 miles from NASA’s Johnson Space Center.
Built in 1977 and expanded in 1981, the property has undergone renovations in 2008. The asset is divided into 45,269 square feet of retail and 27,300 square feet of industrial, R&D and storage space. The tenant roster includes Total Body Work, Samurai Steak & Sushi, Laser Booking Contouring Center and Pizza Hut.
JLL Senior Managing Director Ryan West, Director John Indelli and Analyst Ethan Goldberg represented the seller. Two of the brokers also negotiated the sale of Normandy Shopping Center, a 44,297-square-foot retail asset in Houston.