A large and popular mall in Lake Jackson has been purchased by three real estate giants last November 3.
According to businesswire.com, New York-based Atlantic Creek Real Estate Partners LLC, Dallas-based Centennial Real Estate Co. and Illinois-based North Shore Properties Group LLC have purchased Brazos Mall from a market sale.
The mall has a total of 680,951 square feet and located in intersection of Highway 288 and Oyster Creek Drive. The mall has famous tenants and brands such as Hot Topic, Victoria's Secret, JC Penney, Aeropostale, Dillard's, American Eagle Outfitters and a Starplex Cinema with 14 screens.
Centennial Real Estate CEO Steven Levin said "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. 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 mall is expected to experience major development as large industrial projects are set to be established within the area for the next few years.
In a report by bizjournals.com, Brazos Mall is not the only Houston- based mall that got acquired or purchased for the past few months for the hopes of renovation and gaining more profit. Fidelis Realty Partners had acquired San Jacinto Mall, located at southwest corner of Interstate 10 and Garth Road, last summer. The company said that they are planning to convert the mall into an outdoor shopping center.
Baybrook Mall and Willowbrook Mall are both being renovated while Northwest Mall, which is located at the intersection of U.S. Highway 290 and the 610 Loop was already lined up in the market to be sold.
What are your thoughts about this mall acquisitions for the past few months? Sound it in the comments!