Houston-based investment company, Ashita Investments, has acquired a significant portion of the retail property at Baybrook Mall from Alpine Income Property Trust (REIT) for $40 million in cash. The 33-acre property includes more than 175,000 square feet of retail and restaurant space on both sides of the Gulf Freeway just north of Bay Area Boulevard. Current tenants include The Burger Joint, Crazy Alan’s Swamp Shack, Olive Garden, Ethan Allen Home Furnishings & Design Center , Rooms To Go Patio & Home Furniture Store , Visionworks Optical Store , Longhorn Steakhouse and Charles Schwab Financial Services . Additionally Ashita has been granted an option to purchase an adjacent Lowe’s store.
Ashita had previously attempted to purchase this portfolio in 2021 but was outbid by Alpine; however when it came back up for sale three weeks later they were able to secure it successfully.
