Dec 21

Houston real estate firm buys former Sharpstown Mall

Houston’s oldest enclosed mall has a new owner.

Houston-based commercial real estate firm Baker Katz bought PlazAmericas Mall, formerly known as Sharpstown Mall and Sharpstown Center, from Philadelphia-based RAIT Financial Trust (OTCQB: RASF), according to a Dec. 20 press release. Baker Katz Management will oversee the mall’s existing property management team, who will remain in place.

Matt Berry and Robbie Kilcrease of CBRE represented RAIT Financial Trust in the sale, while Baker Katz Principals Jason Baker and Kenneth Katz and Baker Katz Development Partner Neal Wade completed the deal for their firm.

The 850,000-square-foot mall is at the northwest corner of Interstate 69/U.S. Route 59 and Bellaire Boulevard in southwest Houston. Including a parking garage, RAIT Financial Trust owned nearly 1.05 million square feet on roughly 36.3 acres at PlazAmericas, according to Harris County Appraisal District records. That property was valued at more than $12.2 million for 2018, per HCAD, but a purchase price was not included in the release.

“Careful consideration and planning went into the purchase of PlazAmericas, and we are excited to enhance the experience for both business partners and consumers by building on the momentum of sales and occupancy growth at the mall,” Katz said in the release. “We have the best interests of PlazAmericas, its retailers and restaurants in mind and are thrilled to be embarking on this journey partnering with them for years to come.”

 

By Olivia Pulsinelli
Houston Business Journal

Read the original article Here

© Copyright 2014, Baker Katz, LLC | All rights reserved
Site design by Creative Element