Houston, TX, October 6, 2022 – Partners Capital today announced it has sold Phase I of Broadway Plaza Shopping Center, a 10,655-sq.-ft. multi-tenant retail shopping center located at 11930 Broadway Street in Pearland, Texas.
Partners Capital is the investment and development arm of Partners Real Estate (“Partners”), is one of the largest independent commercial real estate firms in Texas.
Partners originally purchased 2.68 acres of land located at the southwest corner of Broadway St and Shadow Creek H.S. in Pearland in December 2020 to develop a 24,000-sq.-ft. neighborhood retail center. Phase I was 65% leased before breaking ground, and 100% leased at the time of sale. Phase II is 75% pre-leased and is also available for purchase.
“The development of Broadway Plaza was a strategic endeavor to capitalize on a fantastic location – one of the only remaining commercial tracts available directly on Broadway Street, a major thoroughfare in Pearland, which has been ranked as the 3rd fastest-growing economy in the U.S.,” said Julie Ward, Senior Vice President of Development at Partners.
“We are thrilled to have sold Phase I and are actively looking for a buyer for Phase II which is already eliciting high investor demand.” said Carter Perrin, Partner and Managing Director of Development at Partners.
Partners was represented by Joshua Lass-Sughrue and Davis Amanyisye of Partners. The all-cash buyer was represented by Matt Berry, Robbie Kilcrease and Drew Reinking at CBRE.
Partners has over $ 250 million of development projects in its existing pipeline.
For additional information regarding Partners, please contact Andrew Pappas at 713.629.0500. For development opportunities and services, please contact Carter Perrin or Julie Ward.
Partners is the 2nd-largest partner-operated, privately-held and independently-owned commercial real estate firm in the state of Texas. Partners was founded and is headquartered in Houston and has offices in San Antonio, Austin and Dallas; employs more than 200 real estate professionals; and arranges more transactions than any of its competitors, completing over 700 commercial lease and sale arrangements every year. Partners is a full-service commercial real estate firm providing client solutions via its services business for Office, Industrial, Retail, Land, Life Sciences, and Multifamily product types across Brokerage Services, which includes Tenant Representation, Investment Sales, and Land Sales; Investor Services, which includes Property Management, Project Leasing, Project Management, and Facilities Management; Valuation Services, which includes Valuation & Advisory, Litigation & Expert Witness Testimony, Property Tax Consulting, and Institutional Fund Valuation; and Project Services, which includes Construction Management and Space Management; and creating value for its investors through its Private Equity line of business, which includes its investment management platform specializing in the acquisition and disposition of office, industrial, and retail multitenant properties via multiple investment funds, and the development of retail, industrial, office, and mixed-use projects. Partners is the top Houston-based full-service commercial real estate firm on the Inc. 5000 list of fastest-growing private companies in America; the 4th-largest Houston-Area Commercial Real Estate Brokerage, #1 Mover of Square Feet among leasing and sales brokerages, and largest partner-operated, privately-held and independently-owned commercial real estate firm in Houston per the Houston Business Journal; the only commercial real estate firm on the Houston Business Journal’s Mid-Market 50 list; a top 3 largest San Antonio Commercial Real Estate Brokerage per the San Antonio Business Journal; and a top 20 Property Management Firm by square feet under management in Houston per the Houston Business Journal. Partners has been named a Best Place to Work by the Houston Chronicle, Houston Business Journal and Austin Business Journal; and is among the University of Houston’s Cougar 100 Fastest-Growing Companies. Visit us on the web at www.partnersrealestate.com