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Craig Realty Maps Out 282,053-SF Texas Inroad

CONROE, TX-Craig Realty Group enters the Texas outlet center arena with the acquisition of Conroe Outlet Center, a 14-year-old property that was foreclosed on two years ago. At sale time, occupancy was resting at 78.3%.

By Jennifer D. Duell | Updated on November 03, 2004

CONROE, TX-Craig Realty Group, one of the largest outlet center owners in the nation, has beaten out more than 10 other investors to make its first buy in Texas. The Newport Beach, CA-based investor has purchased Conroe Outlet Center, a 282,053-sf center located at 1111 League Line Rd.

The purchase price was not disclosed. According to the Montgomery County Appraisal District, the center’s assessed value is just under $15 million.

The center was sold by New York Life Investment Management LLC and CalPERS, which took possession of the center after Prime Outlet Centers defaulted on the property two years ago. The institutions outsourced the leasing and management to CB Richard Ellis Inc. Since 2002, the center has undergone physical improvements and its occupancy strengthened.

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