The Plaza at Galveston Island. Image courtesy of JLL Capital Markets
Harold A. Clark & Co. has sold The Plaza at Galveston Island, a 151,905-square-foot neighborhood retail center in Galveston, Texas. Main Street purchased the property.
Completed in 1970, the retail center comprises five buildings on a 14-acre site, with some 470 parking spaces. The property features a diverse mix of local, regional and national retailers. The tenant roster at the neighborhood center includes Dollar Tree, Ross, Five Below, Shoe Dept. Encore, Beall’s Outlet, UPS, AT&T, Benjamin Moore, Whataburger, Café Canela and Max & Zacks. At the time of the sale, the property was 84.5 percent leased.
The property is at 6303-6327 Stewart Road, placing it roughly 50 miles outside of Houston, on the Gulf of Mexico. According to JLL, Galveston is the most visited beach destination in Texas, with visitors spending more than $883 million in 2019, which generated above $1.2 billion in total business sales. Ranked within the top 10 percent of the highest performing strip centers in the U.S., The Plaza at Galveston benefits from approximately 1 million visitors per year, the same source shows.
A JLL Capital Markets Investment Advisory team led by Senior Managing Director Ryan West and Senior Director John Indelli brokered the transaction, working on behalf of the seller. Another JLL Capital Markets team recently represented ShopCore Properties in the sale of a 140,218-square-foot grocery-anchored retail center in Plano, Texas, in the Dallas area.
