Stream Realty Partners Sells Retail Center in Pearland, TX
The commercial real estate firm sold The Center at Pearland Parkway I. The property is fully leased to national tenants including Ross Dress for Less and T.J. Maxx.
By Anca Gagiuc
Stream Realty Partners closed the sale of The Center at Pearland Parkway I, a 167,704-square-foot, fully leased retail shopping center in the Pearland trade area. The project, a joint venture between Stream and Thackery Partners, was sold to Dunhill Partners Inc.
“This center is a strategic opportunity for Dunhill to capitalize on a retail mass that’s in a great location, has national tenants performing well above their projections, and a good combination of mature housing and new construction in the immediate area,” Ralph Tullier, managing director of retail at Stream Realty Partners, said in prepared remarks.
Limited competition
The Center at Pearland Parkway is a multi-phase development completed in 2014. Located at 2650 Pearland Parkway, at the intersection with Farm to Market Road 518 and adjacent to an HEB grocery development, the asset is occupied by national tenants including Ross Dress for Less, T.J. Maxx, Petco and Palais Royal. Retail power center Pearland Parkway II was recently completed and offers additional anchor and in-line space opportunities, with cross access to HEB.
“Due to the ideal spacing between the two closest major retail nodes, the Center at Pearland Parkway offers tenants the ability to capture this underserved community with limited competition,” added Mark Sondock, managing director of retail at Stream Realty Partners.
Rusty Tamlyn and Ryan West of HFF represented Stream and Thackery Partners in the transaction.
Image courtesy of Dunhill Partners Inc.
