Stream Realty Partners and Thackery Partners have sold Pearland, Texas-based The Center, a shopping mall, to Dunhill Partners Inc. No financial terms were disclosed. The shopping mall includes tenants such as Ross Dress for Less and T.J. Maxx.
HOUSTON, July 24, 2017 /PRNewswire/ — Stream Realty Partners today announced the firm has closed the sale of The Center at Pearland Parkway I, a 167,704-square-foot, fully leased retail shopping center in the Pearland trade area. The project was a joint venture between Stream and Dallas-based Thackery Partners, and was sold to Dunhill Partners, Inc.
“This center is a strategic opportunity for Dunhill to capitalize on a retail mass that’s in a great location, has national tenants performing well above their projections, and a good combination of mature housing and new construction in the immediate area,” said Ralph Tullier, Managing Director of Retail at Stream Realty Partners.
The Center at Pearland Parkway is a multi-phase project that kicked off in the early part of recovery after the recession ended and was completed in 2014. Situated at a prime intersection of FM 518 and Pearland Parkway, the center has strong national tenants such as Ross Dress for Less and T.J. Maxx, and sits adjacent to an HEB grocery development, providing consistent consumer traffic to the site.
“Due to the ideal spacing between the two closest major retail nodes, the Center at Pearland Parkway offers tenants the ability to capture this underserved community with limited competition,” said Mark Sondock, Managing Director of Retail at Stream Realty Partners.
Building on the success of Phase I, Stream recently completed development of Phase II, and is offering additional anchor and in-line space opportunities in the continuation of The Center at Pearland Parkway II, with cross access to HEB.
Rusty Tamlyn and Ryan West of HFF represented Stream and Thackery Partners in the transaction.
About Stream Realty Partners
Stream is a commercial real estate firm with more than 700 real estate professionals and eleven locations across the country. The company’s full-service offerings cover the broad spectrum of leasing, management, development, construction, health care and investment sales services across the commercial and multifamily industry. In addition, Stream specializes in sourcing acquisition and development opportunities for the firm and its clients. Stream currently has more than 120 million square feet of assignments across the nation, completes over $2.4 billion in real estate transactions annually and is considered one of the most active investors and developers in the real estate industry. Visit www.streamrealty.com.
About Thackeray Partners
Founded in 2005, Thackeray Partners is a real estate investment firm seeking a diversified portfolio of stabilized, value-add, and development opportunities in industrial, multifamily, and retail properties throughout the United States, with a balance of income and capital appreciation on behalf of its partners. For more information, visit www.thackeraypartners.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. For more information please visit hfflp.com.