Centennial Real Estate Company Purchases Brazos Mall
DALLAS--(BUSINESS WIRE)--Dallas-based Centennial Real Estate Company, in partnership with Atlantic Creek Real Estate Partners, LLC (Atlantic Creek) 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 underway or planned for completion by 2020, including Dows new Texas Innovation Center and Port Freeports LNG terminals. The trade area is home to many large corporations, including Dow Chemical, Chevron, Phillips 66 and BASF Corporation, 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 a very attractive market for retailers and restaurants.
The Brazosport area is one of the fastest growing markets in Texas. Brazos Mall is the commercial hub of this growing community whose population is projected to increase by 2.5 percent annually over the next five years, said Steven Levin, Centennial Real Estates Chief Executive Officer. Residents deserve a vibrant retail destination with a best-in-class merchandising mix and amenities that appeal to the community. We plan to embrace the community and invest in Brazos Mall in order to create a truly dynamic shopping experience.
Boasting 92 percent occupancy, the center currently features national retailers such as JC Penney, Dillards (which is separately owned and not part of the acquisition), Victorias 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.
For leasing information, contact Max Reiswerg at 847-564-8497 or [email protected]
About Centennial Real Estate Company
Centennial Real Estate Company is a real estate firm specializing in the investment, development and management of retail properties, including neighborhood community centers, enclosed malls and urban mixed-use areas. Founded in 1997 Centennial has had a successful track record of acquiring and operating retail properties to consistently preserve investors capital, deliver operating income and cash flow, and enhance the value of the investment through attentive management and redevelopment activities provided by experienced real estate professionals. For more information, visit centennialrec.com.
About Atlantic Creek Real Estate Partners, LLC
Atlantic Creek, with offices in New York, N.Y., Palm Beach, Fla., and Los Angeles, Calif., targets direct and joint venture investments in opportunistic and value add office, retail, and multi-family commercial real estate primarily located on the East and West go to these guys Coasts of the U.S., Texas and other select U.S. markets. For further information on Atlantic Creek, visit www.atlanticcreek.com.
About North Shore Properties Group, LLC
The North Shore Properties Group, (NSPG) is a privately held Illinois-based real estate company located in Northbrook, Ill. NSPG has over 50 years of retail leasing expertise including new developments and existing shopping centers working with retail, development and financial leaders in the industry. For more information, visit www.nspgusa.com.