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 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