Florida Firm Buys Texas Retail Center, Market briefs

In Conroe, Texas, JBL Asset Management purchased Montgomery Plaza, a 315,708-SF power center about 40 miles north of downtown Houston, as stated by JLL.

The power center, which is 94.3% occupied, is located at the corner of Interstate 45 and Loop 336.

In The buyer of Montgomery Plaza, Jbl Asset Management, is a South Florida, based firm specializing in retail shopping center acquisitions, management and development. The company was founded in 2005 by Jacob Khotoveli.

Montgomery Plaza has accessibility to one of the Houston area’s fastest-growing submarkets. The property attracts over 2.2 million annual visits and is ranked in the top 80% of shopping centers across Texas, JLL said.

The power center features a lineup of essential and e-commerce resistant tenants, including Academy Sports + Outdoors, O’Reilly’s Auto, Crunch Fitness, Spec’s Liquor, Petco, and Dollar Tree. The property pad sites provide additional value-creation opportunities for the new owner.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Ryan West and Senior Director John Indelli.

“Montgomery Plaza represented an exceptional opportunity to acquire an established power center with strong national tenancy in one of Texas’ fastest-growing markets,” said West. “The property’s prime location at the intersection of two major thoroughfares, combined with Conroe’s outstanding demographic growth, made it highly attractive to investors.”

In another Houston shopping center deal reported last week, Fidelis Realty Partners purchased Baybrook Village, a 278,842-SF shopping center near Baybrook Mall in southeast Harris County. The center, 1507 West Bay Area Blvd., is 99% leased. The seller, O’Connor Capital Partners/Wafra, was represented by CBRE.