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Baytown Retail Foreclosure Gets New Owner

BAYTOWN, TX-San Jacinto Court, acquired by LaSalle Bank in a 2002 foreclosure, has been sold to a California-based investment group. The 52,789-sf shopping center was 54% occupied at closing.

By Jennifer Brenner Andrade | Updated on October 29, 2003

BAYTOWN, TX-San Jacinto Court, a 52,789-sf distressed shopping center here, has been sold to SSIC Inc., an investment group from Thousand Oaks, CA. The sales price is being kept under wraps, but Jerry D. Goldstein with the Houston office of Marcus & Millichap Commercial Real Estate tells GlobeSt.com that the property had a sticker price of $5.1 million and sold “at a substantial discount to list price.” Goldstein represented the seller, Chicago-based LaSalle Bank who acquired the property in a foreclosure in early 2002.

Goldstein says one of the issues that contributed to the foreclosure was the five-year-old property’s problematic design. Situated on approximately four acres, San Jacinto Court has a 15,000-sf single purpose building attached to an L-shaped shopping center. The building had been designed specifically for a fitness club. Goldstein says it is rare to see a property as new as this fail, but the fitness club portion of the center, which Goldstein says had too large a ratio of the square footage, couldn’t command the rents needed to support the property’s financing. While the center has been for sale since the foreclosure, the marketing effort didn’t gain full force until this past summer when several interested parties came forward.

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