Gulf Coast Commercial Group, an established, Houston-based firm specializing in retail development, management and leasing, has purchased Baybrook Passage Shopping Center in Webster, TX for an undisclosed price. Spanning 189,334 square feet over 20.51 acres, the retail development is located at 19425 Gulf Freeway. The prime parcel at the northeast corner of Bay Area Blvd. is immediately adjacent to Lowe’s, directly across I-45 from Baybrook Mall and in the heart of one of Greater Houston’s most attractive submarkets and busiest intersections within the regional trade area.
This is the first time Baybrook Passage has been to market since it was developed in 2003. The seller, Passage Realty, Inc., was represented by CBRE. Gulf Coast Commercial Group VP of Leasing Danny Miller will oversee leasing of the center, which is nearly 80% occupied with major tenants including Best Buy, Staples, Memorial Hermann Urgent Care and DXL Casual Male. Mia’s Table, Torchy’s Tacos, Pei Wei Asian Kitchen and The Joint are among the food and beverage and service provider offerings.
Future upgrades are planned, including paint and the addition of architectural elements, to enhance aesthetics and modernize the environment for visitors and tenants.
According to Gulf Coast Commercial Group’s newly appointed COO Gerald Crump, “We see tremendous value in the current asset through leasing of available space and improving the overall tenant mix. We believe the timing could not be better by capitalizing on the roadway improvements that have taken place recently with the I-45 main lanes and Bay Area Blvd. now at grade with the neighboring shopping centers. We were also very enthusiastic to the tenant interest during our due diligence leading up to the acquisition.”
The leasing team intends to build on the recent momentum of the prior ownership to deliver first to market tenants who may be missing from the immediate trade area, which continues to gain appeal with new and neighboring best in class multifamily, medical and the recently opened El Dorado H-E-B.
Founded in 1999, Gulf Coast Commercial Group and its affiliates have overseen the development of more than eight million square feet of retail space in twelve states. While it has historically grown through new development projects, in recent years, the company has expanded its portfolio with quality shopping centers, such as Baybrook Passage, where it can add value.
To read the article published in Houston Business Journal, click here.