JLL Capital Markets closed the sale of the 151,905-square-foot The Plaza at Galveston Island
News release
22 June 2023
Neighborhood retail center in Galveston, Texas trades to new owner
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HOUSTON, Jun. 22, 2023 – JLL Capital Markets announced today that it has closed the sale of The Plaza at Galveston Island, a 151,905-square-foot neighborhood retail center located in Galveston, Texas, which is just 50 miles outside of Houston.
JLL worked on behalf of the seller, Harold A. Clark & Co., and Main Street acquired the asset.
Built in 1970, the 84.5-percent-occupied center is leased to a highly recognizable tenant mix of local, regional and national retailers. Notable tenants include Dollar Tree, Ross, Five Below, Shoe Dept. Encore, Beall’s Outlet, UPS, AT&T, the highest performing Whataburger in the region and more. The property benefits from approximately one million annual visitors and is ranked within the top 10% of highest performing strip centers in the U.S.
Located at 6303-6327 Stewart Rd., the property sits in Galveston, Texas’ most visited tourist destination, with over 6.5 million annual visitors and more than 2,100 hotels and other lodging accommodations. In addition to tourists, the center benefits from a total population of over 50,000, as well as its ideal positioning at the city’s main intersection of Stewart Road (23,670 VPD) and 61st Street (23,369 VPD).
The JLL Retail Capital Markets Investment Advisory team was led by Senior Managing Director Ryan West and Senior Director John Indelli.
“Retail fundamentals are really outperforming with market occupancy at over 96% and considerable market rent growth. The rent growth is driven by retailer demand that has yet to be offset by retail space deliveries. Buyers are leaning back into the market looking to capture the strong fundamentals,” said Indelli.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.