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BEAUMONT, TX-A 124,783-sf shopping center that houses Conn's Inc. corporate headquarters has traded hands for close to $4.9 million or $39 per sf.
College Retail LLC, a 1031 exchange buyer from Long Island, NY, beat out two other potential buyers by making the highest offer for Beaumont Shopping Center, says Jerry Goldstein, a senior investment associate with Marcus & Millichap Real Estate Investment Co. who brokered the transaction. The seller was Beaumont Development Co. LP of Houston.
Goldstein tells GlobeSt.com that the 11.8-acre development at 3295 College Ave. includes two undeveloped pad sites for another 30,000 sf. "There are a lot of possibilities for the pad sites," he says. "With the new hospital across the street, the pads are even appropriate for medical uses." Memorial Hermann Baptist Hospital is its neighbor.
According to Goldstein, Conn's occupies 106,783 sf or 86% of the center. The remaining 18,000 sf, which is 26% vacant, is occupied by retail-oriented tenants. The tenant roster includes Advance America and Security Finance as well as a nail salon and spa.
"This is an interesting center because of the mix of uses," Goldstein says, adding Conn's completely rehabbed its portion of the 1960s-vintage center. "It looks great now with a very open, versatile floor plan."
Goldstein says Conn's holds a long-term lease in the center, originally anchored by Kmart Corp. When the space went dark, a Fiesta Market moved into the anchor slot. The anchor space sat empty until Conn's came along in 2003.
College Retail LLC, which owns other real estate assets in the city, turned to Portland, OR-based Standard Insurance Co. for the acquisition financing. According to the Jefferson County Appraisal District, Beaumont Shopping Center is assessed at $1.8 million.
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