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$8M Retail Purchase Opens Greater Houston Door

BAYTOWN, TX-Wes Walters of Austin, the point man for an investment pool, cracks the market with the acquisition of the 68,778-sf Riceland Pavilion on 15.8 acres and an abutting five acres. The vacant land immediately is returned to the market.

By Jennifer Brenner Andrade | Updated on January 08, 2004

BAYTOWN, TX-Marking its first purchase in the Houston area, an Austin investment group has spent $8 million for the 68,778-sf Riceland Pavilion and an abutting five acres in a 2004 plan to lay out $18 million to $30 million for retail product in the region.

Amir Moazami of Wes Walters Realty Inc. tells GlobeSt.com that a second closing will take place in the coming weeks for a property on Houston’s north side. Wes Walters is the point man for the investment group, which wheels and deals primarily with 1031 Exchange capital. Last year, the group cracked the Dallas/Fort Worth market and this year it’s Houston.

Riceland Pavilion is located at 4615 Garth Rd. in Baytown’s primary commercial corridor, says Chris Winters with the Houston office of Colliers International. The four-building complex is anchored by a 25,000-sf Office Depot and has a roster that includes Factory 2U, Blockbuster Video and Washington Mutual, all nestled in a neighborhood with such heavy hitters as Wal-Mart Supercenter, Home Depot and Target.

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