Northmarq’s Houston office completes sale of 156,202-sq.-ft. anchored shopping center in Pasadena, TX
HOUSTON (April 3, 2024) — Northmarq’s Houston Commercial Investment Sales team of Vice President Riley Sharman and Senior Associate Brian Lane brokered the sale of Pasadena Park Plaza, a 156,202-sq.-ft. shopping center anchored by Harbor Freight Tools, Dollar Tree, Cato, Home Outlet and Big Lots. The 99% leased multi-tenant property is located at 6790-6818 Spencer Hwy in Pasadena, TX.
Northmarq represented the seller, a Limited Partnership, Michigan-based private investor. The buyer was a Washington state-based private investor.
“Ultimately, the seller was able to capitalize via a highly competitive offer process in order to reinvest equity into other product types, including self-storage in other markets. As a result, the buyer was positioned to acquire their first shopping center asset in the Texas retail market with a ‘hands on’ approach to management,” said Sharman. “At the end of the day, both parties were successful and ‘geared’ to close in a higher interest rate environment despite the challenges we all faced.”
Situated at the highly trafficked intersection of Spencer Highway and Red Bluff Road, Pasadena Park Plaza is one of the most visited retail centers in Texas, according to Placer.ai. The property boasts a diverse mix of 21 tenants with several corporate leases, including CATO, Shoe Show and Remco Insurance. Built in 1971 and renovated in 2021, the anchored shopping center is just 19.3 miles southeast of downtown Houston and serves over 210,000 residents in the surrounding 5-mile area.
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