CBRE Arranges Sale of Corpus Christi Shopping Center
12 Dec 2018
CBRE announces the sale of Five Points Shopping Center, a 276,593 square foot retail center in Corpus Christi, anchored by Ross, Hobby Lobby, Party City, Bealls, CVS, Petco, Harbor Freight Tools and a free-standing Whataburger. Texas-based retail investment and development company MIMCO purchased the asset from Brixmor Property Group for an undisclosed price.
Five Points Shopping Center is strategically located along highly traveled US-77 at 4101 Interstate Highway 69 Access Road in one of Texas’ most popular tourist destinations, Corpus Christi. The retail center is 99 percent occupied with a strong line-up of national, regional and local tenants who benefit from the robust demographics in the area.
“The sale of Five Points represents a reoccurring trend of private equity capitalizing on strong, stabilized secondary market retail centers at value add pricing as institutional owners shift their portfolios towards core and core-plus assets in primary markets,” said Chris Gerard, Senior Vice President, CBRE.
“This was our third transaction with MIMCO, who continues to purchase dominant real estate in secondary markets with high-quality tenants who support heavy foot traffic and excellent sales,” Gerard added. “This strategy has worked extremely well for MIMCO and other investors as they focus on the long-term income stream security with strong cash on cash returns.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.