WEBSTER, TX - Officials with PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced it brokered the sale of Baybrook Gateway, a 22-acre retail center located 18 miles southeast of downtown Houston. PMRG represented Eastfield Realty, Inc. in the sale of the center to a joint venture between New Plan Excel Realty Trust and JPMorgan Investment Management Inc.
Baybrook Gateway features 236,854 square feet of rentable space and is 100 percent leased by several large tenants, including Barnes & Noble, CompUSA, Michaels, Jared, la Madeleine and Old Navy.
A single-story center, Baybrook Gateway sits at the intersection of West Bay Area Boulevard and I-45 South, across from Baybrook Mall, Houston's second largest mall in terms of sales per square foot.
"We were able to create strong interest for this trophy asset - a Class A property with national credit retailers in a major market with easy accessibility and clear visibility from the freeway," said Stephannie Mower, PMRG's executive vice president and managing director of investment services. "The center benefits from extremely high traffic counts stemming from the 4.4 million consumers who live within 40 miles of this region. In the immediate area, more than 50,000 cars travel each day along Bay Area Boulevard."