OCTOBER 12, 2015 – HOUSTON) – Transwestern’s Houston headquarters today announces it brokered the disposition of Fairmont Parkway Shopping Center. An undisclosed South American buyer acquired the 172,002-square-foot power center located at the intersection of Beltway 8 and Fairmont Parkway in Pasadena, Texas.
Transwestern Senior Vice President Micha van Marcke, CCIM; Director Paul Barile; Director Janice Sellis; and Associate Chace Henke represented the seller, A-S 82 Fairmont Parkway – Beltway 8 LP. Transwestern’s Structured Finance Managing Directors Jan Sparks and Michael Snodgrass and Vice President Tim Bennett secured the debt for the buyer.
“Due to its proximity to the Port of Houston and the world’s second-largest petrochemical complex, the Pasadena submarket serves as a natural hedge to low oil prices,” said van Marcke. “As a result, the area maintains very strong retail sales per square foot, regardless of market conditions, which is highly attractive to investors seeking long-term, stabilized returns.”
Fairmont Parkway Shopping Center is located in the regional retail hub for Pasadena and the surrounding communities, including Deer Park and La Porte. The area consists of 1 million square feet of retail and is supported by a rapidly growing and highly educated consumer market. Dual-anchored with long-term leases by 24-Hour Fitness and iT’Z Family, Food & Fun, the property is stabilized at 96 percent occupancy with a strong roster of national tenants including Comerica Bank, Goodwill and Pei Wei.
The Houston Ship Channel is driving tremendous growth in East Houston and the Pasadena submarket, making it highly attractive to investors for all property types. Currently, $100 billion has been invested in planned chemical plant construction and expansion through 2019. Considered a worldwide center for the energy, petrochemical and aerospace industries, Pasadena is bordered by the Bayport Industrial District and the Port of Houston, which is ranked first in the U.S. in domestic import and export tonnage.