Press

PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Whitney Williams
Marketing & Communications Manager
PMRG
(713) 209-5935

Jan 29, 2007

PM REALTY GROUP BROKERS SALE OF SOUTHEAST HOUSTON RETAIL CENTER

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." 

About PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.