Brazos Mall, a 680,951-square-foot enclosed mall in Lake Jackson, Texas, was bought on an off-market acquisition by the Dallas-based Centennial Real Estate Company, in partnership with the Atlantic Creek Real Estate Partners, LLC ("Atlantic Creek") and The North Shore Properties Group, LLC.
"The Brazos port 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 Centennial Real Estate's Chief Executive Officer, Steven Levin, in a press release in Business Wire. "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."
According to Business Wire, the Brazos Mall is the only enclosed retail center in the Brazos port area that benefits from the $30 billion on-going investments planned for completion in 2020. These investments include Dow's new Texas Innovation Center and Port Freeport's LNG terminals. Lake Jackson/Brazos port has a trade area population of over 132,000, and an average household income of nearly $70,000. The trade area is serving as a home to many large corporations, such as Dow Chemical, Chevron, Phillips 66 and BASF Corporation.
The Brazos Mall presently has 92 percent occupancy and features national retailers such as JC Penney, Dillard's, Victoria's Secret, Rue 21, Aeropostale, American Eagle Outfitters, Hot Topic, and Ross Dress For Less. It also has the only first-run movie theater in a 40-mile radius, with the new 14-screen Starplex Cinema.
Yahoo Finance reported that Brazos Mall was built in 1976 and is located at the intersection of Highway 288 and Oyster Creek Drive. The location of the mall is very ideal because of its strong visibility and accessibility. More than 54,000 vehicles are traveling past the center daily.
