January 16, 2020
Orr Commercial Inc. sold Bay Area Plaza, a 72,569-square-foot retail center with flex industrial space. The property, located 20 miles southeast of downtown Houston in Webster, TX, sold to a local investor.
The 98%-leased property is at 103-133 and 151 Bay Area Blvd. and 16830-16888 SH 3, and consists of 45,269 square feet of retail and 27,300 square feet of flex industrial space. The retail component, which is 89% occupied, includes Total Body Work, Samurai Steak & Sushi, Laser Booking Contouring Center, Lenny’s Sub Shop, Dapper Doughnuts, Pizza Hut and Amy’s Nails as tenants.
JLL’s Ryan West, John Indelli and Ethan Goldberg represented the seller. “Investor demand for necessity-focused and service-oriented strip centers is growing fast,” Indelli said. “Strong occupancy fundamentals, limited required capital outlays and current financing options from CMBS, life companies and banks are all generating double-digit cash on cash returns, which is very attractive to buyers.”
Photo by Mabry Campbell
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