HFF closes sale of coastal Texas power center
HOUSTON, TX – May 4, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Broadway Shopping Center, a 74,604-square-foot power center in the coastal community of Galveston, Texas.
HFF marketed the asset on behalf of the seller, Weingarten Realty Investors. A private investor purchased the property free and clear of existing debt.
Broadway Shopping Center is fully leased to a variety of tenants, including Big Lots, Da Vita Island Dialysis, Family Dollar, Anytime Fitness, West Marine and Subway. Located at 5908 Broadway Avenue, the property is at the confluence of Interstate 45 (Gulf Freeway) and Broadway, exposing the center to more than 64,000 vehicles per day. Broadway Shopping Center is the closet retail center to the primary residential and tourist areas in Galveston, which welcomes more than seven million visitors annually. More than 34,800 residents live within a three-mile radius of the center.
The HFF investment sales team representing the seller was led by senior managing director Ryan West.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2016, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 224 properties which are located in 18 states spanning the country from coast to coast. These properties represent approximately 45.2 million square feet of which our interests in these properties aggregated approximately 28.4 million square feet of leasable area. To learn more about the company’s operations and growth strategies, please visit weingarten.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. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.