Corpus Christi, TX, January 12, 2012 --(PR.com)-- The largestcommercial real estate deal ever in Nueces County -- and the largest inthe Nueces market since 2004 -- will bring a new owner to one of thebiggest retail shopping centers in the area.
Silver Star Real Estate Group announced Monday it has purchased the Corpus Christi Landing shopping complex on State Road 100 for $40.4 million from International Holdings Realty Trust of Houston.
The complex has 28 stores, including TJ Maxx, PetSmart, Michael's and Books-A-Million, and is anchored by a Super Target store. The Target property is not part of the acquisition by Silver Star.
The 171,297-square-foot retail complex opened in 2008.
The deal is the largest commercial property sale in the two-county area since West Texas Mall was sold for $64 million in 2004.
"That's the largest that I'm aware of," said H. Gary Miller, manager of the commercial division at Silver Star's Commercial Real Estate in Corpus Christi.
Miller said the deal fits the trend he has seen of developers and investors preparing for an economic rebound.
"If they want to be there when this thing does turn around in, say 2014 or 2015, they've got to start now," Miller said.
Greg Rundgren, Nueces County's economic development manager, said the sale is good news for the area.
"When these large capital investments happen in our community, it is definitely a sign of recovery," Rundgren said. "With this purchase http://har.com/ and the expansion of the hospital, there are strong positive signs that Corpus Christi is coming out of the recession."
Matt Rossdale, vice president of Silver Star Real Estateacquisitions, said the retail property was an attractive buy because ofthe county's demographics and because it is 100 percent occupied.
"Finding a shopping center that has maintained its stability through the economy is a positive," he said. "It's hard to find one that hasn't lost one big box" retailer.
Asked if the purchase represents a positive outlook trilive for the Nueces County economy, Rossale said if Silver Star had any uncertainties about the area "We probably would have stayed away from the property."
Marge Jones, a commercial Realtor in Nueces County, said the sale reflects confidence in Nueces County's economic future.
"I see that people are really believing in the future of the county," she said. "Large tracts of land that sell are really a good leading indicator."
Kerri Baumgrand, who works in Silver Star's Corpus Christi office, said she has seen an uptick in commercial activity.
"Just in the last few months of 2011, we saw quite a bit of activity," Baumgrand said.
Nueces County Chamber of Commerce & Affiliates President Doug Baxter also sees nothing but positives in news of the sale.
"People are always looking at Corpus Christi and Nueces County as an opportunity," he said. "Now that the economy is getting a little better, people are feeling a little comfortable with their businesses and people are starting to open their wallets and buy."
Corpus Christi-based Silver Star Real Estate Group is a public real estate investment trust that focuses on acquiring and development commercial real estate in the United States and Canada, according http://realestate.pennlive.com/ to the company's website.
Since 2002, the company has acquired more than 1,885 properties and has more than 350,000 investors. Silver Star owns and manages more than 129 million square feet of commercial real estate in 48 states.
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Contact Information:
Silver Star Real Estate Group
Mike Herman
361-444-2662
Contact via Email
http://silverstarrealestategroup.com
Silver Star Real Estate Group announced Monday it has purchased the Corpus Christi Landing shopping complex on State Road 100 for $40.4 million from International Holdings Realty Trust of Houston.
The complex has 28 stores, including TJ Maxx, PetSmart, Michael's and Books-A-Million, and is anchored by a Super Target store. The Target property is not part of the acquisition by Silver Star.
The 171,297-square-foot retail complex opened in 2008.
The deal is the largest commercial property sale in the two-county area since West Texas Mall was sold for $64 million in 2004.
"That's the largest that I'm aware of," said H. Gary Miller, manager of the commercial division at Silver Star's Commercial Real Estate in Corpus Christi.
Miller said the deal fits the trend he has seen of developers and investors preparing for an economic rebound.
"If they want to be there when this thing does turn around in, say 2014 or 2015, they've got to start now," Miller said.
Greg Rundgren, Nueces County's economic development manager, said the sale is good news for the area.
"When these large capital investments happen in our community, it is definitely a sign of recovery," Rundgren said. "With this purchase http://har.com/ and the expansion of the hospital, there are strong positive signs that Corpus Christi is coming out of the recession."
Matt Rossdale, vice president of Silver Star Real Estateacquisitions, said the retail property was an attractive buy because ofthe county's demographics and because it is 100 percent occupied.
"Finding a shopping center that has maintained its stability through the economy is a positive," he said. "It's hard to find one that hasn't lost one big box" retailer.
Asked if the purchase represents a positive outlook trilive for the Nueces County economy, Rossale said if Silver Star had any uncertainties about the area "We probably would have stayed away from the property."
Marge Jones, a commercial Realtor in Nueces County, said the sale reflects confidence in Nueces County's economic future.
"I see that people are really believing in the future of the county," she said. "Large tracts of land that sell are really a good leading indicator."
Kerri Baumgrand, who works in Silver Star's Corpus Christi office, said she has seen an uptick in commercial activity.
"Just in the last few months of 2011, we saw quite a bit of activity," Baumgrand said.
Nueces County Chamber of Commerce & Affiliates President Doug Baxter also sees nothing but positives in news of the sale.
"People are always looking at Corpus Christi and Nueces County as an opportunity," he said. "Now that the economy is getting a little better, people are feeling a little comfortable with their businesses and people are starting to open their wallets and buy."
Corpus Christi-based Silver Star Real Estate Group is a public real estate investment trust that focuses on acquiring and development commercial real estate in the United States and Canada, according http://realestate.pennlive.com/ to the company's website.
Since 2002, the company has acquired more than 1,885 properties and has more than 350,000 investors. Silver Star owns and manages more than 129 million square feet of commercial real estate in 48 states.
###
Contact Information:
Silver Star Real Estate Group
Mike Herman
361-444-2662
Contact via Email
http://silverstarrealestategroup.com