HFF closes sale of multi-tenant net-leased property on the Texas Gulf Coast
HOUSTON, TX – October 12, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale an 84,584-square-foot, recently-redeveloped, fully-occupied, multi-tenant, net-leased property in the coastal community of Port Arthur, Texas.
HFF marketed the asset on behalf of the seller, Baker Katz. Agree Realty Corporation purchased the asset for an undisclosed amount.
The property is situated on 5.75 acres at 2770 Highway 365 in Port Arthur, a coastal community in southeastern Texas approximately 90 miles from downtown Houston. The asset is located at the southeastern corner of Highways 365 and 69, which has combined traffic counts of more than 65,000 vehicles per day, and there are more than 36,200 residents living within a three-mile radius of the center. Originally built in 1996 and renovated in 2014, the center is fully leased to Hobby Lobby, Party City and PetSmart and shadow anchored by Walmart.
The HFF investment sales team representing the seller was led by senior managing director Ryan West and associate director Matt Berry.
“There has been significant commercial activity and development occurring in Port Arthur, including the Natural Gas Project Golden Pass LNG Terminal, which has created thousands of jobs in the area,” West said. “Strong retail sales and demand for space in this trade area is a testament to Port Arthur’s strong economy. The property is ideally positioned in the trade area and it will prove to be a great investment for Agree Realty.”
About Baker Katz
Founded in 2004, Baker Katz embraces an approach to tenant representation that leverages intimate knowledge of the Houston market and prioritizes clear and direct communication through a retail brokerage team that serves more as advisors and less as sales representatives. In the real estate business, information is currency and relationships are the building blocks of professional success. This consultative approach adds enormous value to its client relationships.
In addition to tenant representation, Baker Katz has built a thriving development business, which was launched in 2006. Development is approached from a true “value creation” perspective, identifying opportunities to leverage its local knowledge. Learn more at bakerkatz.com.
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. The company currently owns and operates a portfolio of 341 properties, located in 43 states and containing approximately 6.7 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol “ADC.” For additional information, please visit agreerealty.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial 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.