Nov 07
The retail shopping center in Port Arthur containing Hobby Lobby, PetSmart and Party City is not expected to change despite the sale of the property earlier this year, real estate firm Baker Katz said.
The Houston-based company sold the Port Arthur shopping center in September, development partner Neal Wade said.
Keeping the property, which Baker Katz purchased in 2012, did not make financial sense because of lease terms with tenants that could last up to 25 years, Wade said.
Baker Katz sold the property to another developer, Agree Realty Corp., for an undisclosed amount, Wade said. The process to find a buyer and complete the sale took about four months.
Baker Katz still owns the smaller 7,000-square-foot property that is nearby, which includes Chipotle Mexican Grill, Firehouse Subs and Gulfside Dental and Orthodontics.
In Beaumont, Wade said Baker Katz owns three sites: the shopping center that includes Starbucks Coffee at the corner of Interstate 10 and College Street; the property with a T-Mobile and Vitamin Shoppe at the corner of U.S. 69 and Dowlen Road; and the Goodwill property on Dowlen Road at Westridge Lane.
Original article can be viewed here.