CBRE has arranged the sale of PlazAmericas, formerly Sharpstown Mall to Houston-based Baker Katz, a full-service commercial real estate firm. The 638,605 square-foot shopping center sits on 36 acres at 7500 Bellaire Boulevard in Houston.
CBRE’s Matt Berry, Robbie Kilcrease, and Darin Gosda represented the seller, RAIT Financial Trust.
“PlazAmericas attracted a wide range of interest primarily from larger local private investors,” said Mr. Berry. “The asset offered a solid existing income stream along with future re-development potential given the iconic urban location and history of the property.”
“This was truly one of the most interesting and dynamic real estate transactions in the city,” added Mr. Kilcrease.
PlazAmericas is 70 percent occupied, with a variety of independent stores. It’s located along US 59 which was the key consideration for interested parties. Nonetheless, the area is also an opportunity zone. Opportunity Zones were created as part of the 2017 Tax Cuts and Jobs Act to attract investment capital into economically distressed areas. According to CBRE research, If the opportunity zone concept succeeds, its effects could be locally transformative for certain areas. In return for investments, investors receive several tax benefits, which vary depending upon the time capital remains invested in a Qualified Opportunity Zone.
CBRE’s Matt Berry, Robbie Kilcrease, and Darin Gosda represented the seller, RAIT Financial Trust.
“PlazAmericas attracted a wide range of interest primarily from larger local private investors,” said Mr. Berry. “The asset offered a solid existing income stream along with future re-development potential given the iconic urban location and history of the property.”
“This was truly one of the most interesting and dynamic real estate transactions in the city,” added Mr. Kilcrease.
PlazAmericas is 70 percent occupied, with a variety of independent stores. It’s located along US 59 which was the key consideration for interested parties. Nonetheless, the area is also an opportunity zone. Opportunity Zones were created as part of the 2017 Tax Cuts and Jobs Act to attract investment capital into economically distressed areas. According to CBRE research, If the opportunity zone concept succeeds, its effects could be locally transformative for certain areas. In return for investments, investors receive several tax benefits, which vary depending upon the time capital remains invested in a Qualified Opportunity Zone.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
