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Exchange Buyer Gets Suburban Retail Center

TEXAS CITY, TX-PC Improvement bests six others in the running for the 18,825-sf center at 3321 Palmer Highway. Developer Jim R. Smith Co., culling smaller centers from the portfolio, had the asset on the market for $2.8 million.

By Jennifer Brenner Andrade | Updated on April 05, 2004

TEXAS CITY, TX-The 18,825-sf, fully leased Texas City shopping center in a city 42 miles southeast of Houston has been traded to PC Improvement of New York City. The property was on the market eight months for $2.8 million.

The 14-year-old center at 3321 Palmer Highway was sold by its developer, Jim R. Smith Co. of Houston. The two-building center has three tenants: Walgreens in a 12,000-sf building and Hollywood Video and Dr. DC Bright sharing the other. The video store takes up 5,325 sf and the local optometrist’s office is 1,500 sf. George Cushing, senior vice president in Houston for Grubb & Ellis Co., tells GlobeSt.com that the tenants are all on long-term leases, none of which will expire for at least five years.

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