HOUSTON, TX - PM Realty Group (PMRG), a national, full-service commercial real estate firm, recently brokered the sale of a retail shopping center in Houston known as Mission Centre.
The one-story retail property is located 17 miles west of downtown Houston at the intersection of Beechnut Street and Highway 6, near West Oaks Mall. It encompasses 112,971 square feet of rentable space situated on 9.367 acres. It is home to major tenants, such as Burger King, Dollar General, Omega Cleaners and Pride 'N Star Children's Learning Center.
Stephannie Mower, PMRG's executive vice president and managing director of investment services, represented CWCapital in the sale that closed earlier this month. The center sold at a 6.11 percent cap rate.
"Mission Centre was an attractive, value-add, stable investment opportunity in one of the nation's fastest growing primary markets," said Mower. "It is surrounded by a population density that provides more than billion in annual retail sales. An existing, diverse tenant mix provides income to support any repositioning strategy. With little competing Class A retail space existing in the submarket, the property is a prime candidate for redevelopment."
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com