Fidelis Buys Houston Shopping Center, Market briefs

In Webster, Texas, Fidelis Realty Partners has purchased Baybrook Village, a 278,842 SF shopping center in southeast Harris County, as stated by CBRE.

The center, located at 1507 West Bay Area Boulevard just west of the Gulf Freeway, is 99% leased. The property was purchased by Fidelis from O’Connor Capital Partners/Wafra.

Mark Witcher, Jolie Duhon, Jim Batjer, Chris Cozby, and Harrison Tye, with CBRE National Retail Partners represented the seller in the sale. Brent Crawford and capital markets legend John Fenoglio (co-founder of the former Holliday Fenoglio) with CBRE’s Debt & Structured Finance group arranged financing on behalf of Fidelis, which is headquartered in Bellaire, Texas. Fidelis, which is led by retail center veteran Alan Hassenflu, owns Meyerland Plaza and a number of Texas shopping centers.

“Congratulations to the buyer team at Baybrook Village,” said Joshua Lerner, Senior Vice President of Asset Management at O’Connor Capital Partners. “I’m proud of our many accomplishments at Baybrook Village during our 10+ years of ownership. Together with Wulfe & Co. and Wafra, we’ve meaningfully improved the tenant roster with vibrant retail offerings, national tenant credit and compelling, local concepts for our visitors.”

Located west of NASA’s Johnson Space Center, Baybrook Village is anchored by a roster of national retail tenants, with newly executed leases with Havertys, PGA Tour Superstore, Burlington, CAVA and others.

Located Next to Baybrook Mall

Baybrook Village is adjacent to Baybrook Mall, the most‑trafficked shopping mall in the Lone Star State.

“Baybrook Village represented a rare opportunity to acquire a top-performing retail asset in one of the most dynamic and visited retail nodes in Texas,” said Witcher, a senior vice president at CBRE. “The center’s strong merchandising mix, recent anchor tenant additions and alignment to Baybrook Mall highlighted the offering, attracting wide interest from prospective buyers.”

The surrounding Webster retail footprint comprises more than 5 million SF of space, with more than 45 million annual visits, and boasts a 1.9% vacancy rate.

Last year, Brookfield Residential and CDC Houston laid out plans to develop Midline, a 1,066-acre community near Baybrook Mall that will bring 2,800 single-family homes to the southeast Houston area.