LAKE JACKSON, TX--Dallas-based Centennial Real Estate Co., in partnership with Atlantic Creek Real Estate Partners LLC and The North Shore Properties Group LLC, closed on the off-market acquisition of Brazos Mall, a 680,951-square-foot enclosed mall in Lake Jackson, Texas, 50 miles south of Houston.
Built in 1976, Brazos Mall is the only enclosed retail center in the Brazosport area, which is benefiting from nearly $30 billion of investments under way or planned for completion by 2020, including Dow's new Texas Innovation Center and Port Freeport's LNG terminals.
"Our mission is to engage the customer and deliver a dynamic shopping experience," Steven Levin, Centennial Real Estate Co.'s CEO, told GlobeSt.com. "Our investment will achieve this by creating a shopping center tailored to the Brazosport community. The new look and feel will fit seamlessly into the existing environment and we will bring to the area a merchandising mix that meets the growing population's needs."
The trade area is home to many large corporations, including Dow Chemical, Chevron, Phillips 66 and BASF Corp., just to name a few. With a trade area population of over 132,000 and an average household income of nearly $70,000, the Lake Jackson/Brazosport area is an attractive market for retailers and restaurants.
Boasting 92 percent occupancy, the center currently features national retailers such as J.C. Penney, Dillard's (which is separately owned and not part of the acquisition), Victoria's Secret, Rue 21, Aeropostale, American Eagle Outfitters, Hot Topic, Ross Dress For Less and a new 14-screen Starplex Cinema, the only first-run movie theater in a 40-mile radius.
Located at the intersection of Highway 288 and Oyster Creek Drive, Brazos Mall benefits from strong visibility and accessibility with more than 54,000 vehicles traveling past the center daily.
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