HOUSTON—HFF has closed the sale of Palmer Plaza, a 98,816-square-foot retail center in Texas City.
HFF arranged the sale of the property on behalf of the seller, Weingarten Realty Investors. EDIFIS purchased the asset for an undisclosed amount.
Palmer Plaza is positioned on 8.42 acres at Emmett F. Lowry Expressway (FM 1764) and SH 146 in the heart of the city's main retail corridor. The center, including two outparcel buildings, is 94.1 percent leased to a mix of national and local tenants, including Goodwill, Dollar Tree, Anytime Fitness, T-Mobile and Ace Cash Express and is adjacent to a newly-constructed H.E.B.
Senior managing director Ryan West and associate director Matt Berry led the HFF investment sales team representing the seller.
"This was one of those value-add deals disguised as an otherwise fairly stable asset," West said. "Some of the key tenants were about to run out of options, which should allow the new owner to recognize market rents through the existing tenants or new retailers expressing interest in the center. The new H.E.B. next door certainly is playing a part in retailer's interest at the intersection."
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