SLS Properties has acquired Baybrook Passage, a 189,334 square foot shopping center located in Webster, southeast of Houston. The property was previously owned by Gulf Coast Commercial Group and is situated at 19425 Gulf Fwy.
The transaction was facilitated by Mark Witcher, Jolie Duhon, Chris Cozby, Jim Batjer and Harrison Tye from CBRE National Retail Partners on behalf of the seller. SLS Properties represented themselves in the deal.
Built in 2003 and anchored by Best Buy and Staples, Baybrook Passage also features popular tenants such as Boot Barn, Skechers,and Memorial Hermann. The center boasts a diverse mix of national retailers including food & beverage options as well as medical and service-oriented businesses. At the time of sale,the property had an impressive occupancy rate of 97.2% with an average tenant tenureof18 years.
Located at the intersectionof I-45andBay Area Boulevard,Baybrook Passage benefits from its proximity to Baybrook Malland over3.8 million square feetof retail space alongthe corridor.According to CBRE,the location sees approximately30 million visitors annually with direct exposureto210000 vehicles per day,making it a highly desirable area for commercial real estate investment.
This acquisition marks another successful venture for SLS Propertiesin their expanding portfolio.The news was first reported on Connect CRE’s website.
