Greater Houston retail center already more than 90 percent leased.
GBT Realty Corporation, a leading national commercial development company headquartered in Brentwood, Tenn., announces its latest retail development in Greater Houston with its sights set on the region’s hottest entertainment district. The $16 million The Shoppes of Kemah is set to bring some of the most popular national brands to this thriving sub-market.GBT acquired the 11.7-acre center along Deke Slayton Highway immediately west of State Route 146 from Kemah Marketplace, LP on May 19 for $2.1 million. No additional terms were disclosed.
“It was an easy decision to pursue a shopping center in this community that has become a regional tourist destination in part due to the popularity of the Kemah Entertainment District,”explains Jeff Pape, managing director, shopping center division, GBT Realty.“The Shoppes of Kemahis just a short drive from the Kemah Boardwalk that is recognized as one of the premier boardwalks in the United States with 60 acres of top-name restaurants, retail shops, rides, games and attractions, as well as a hotel and marina.” The Kemah Entertainment District is known as the top tourism spot in Greater Houston and features a 35-acre carnival-like atmosphere.
Shadow-anchored by Walmart, the initial tenant line-up for the 79,000-square foot retail center includes: Petco, Marshalls, Ross Dress for Less, ULTA and Rack Room Shoes. With the center 92% leased, only 6,400 square feet of shop space remains available – ideal for local and regional boutiques and other service providers. The site has connectivity to the Walmart parking lot and access to Deke Slayton Highway that seesan average of more than 12,000 vehicles daily.Approximately 44,000 householdswithin a 10-minute drive post an average household income of nearly $100,000.
The Shoppes of Kemah is another example of GBT working in partnership with the local government to ensure a quality project for Kemah consumers. In April, the city council approved an incentive package to make this project possible and bring increased annual sales tax revenue and new jobs to the community. Pape continues, “The City was pivotal in making this project a reality. The Mayor, City Administrator and the entire City Council were engaged from the beginning and worked tirelessly with us to ensure the terms are a win-win for both the City as well as the shopping center.”
GBT Aligns with Retail Partners, Expands Business
“Kemah, Tex. is also an example of GBT aligning with the expansion strategies of our retail partners, and heading to where many other developers won’t go or overlook,” explains Pape. As an extension of this philosophy, GBT recently announced the expansion of its business lines and the addition of its Value-Add Division. The team seeks retail assets where opportunity exists to improve performance and asset value in tight gateway and primary markets as well as growth-forward secondary and tertiary markets throughout the Southeast, Southwest and Midwest. Industry veteran Scott Porter, managing director, value-add division, GBT Realty, leads this division.
About GBT Realty Corporation
Founded in 1987, GBT Realty Corporation develops virtually all types of retail and mixed-use developments throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community. Since inception, GBT has been involved with the development, construction, leasing and management of over $6 billion of real estate totaling 35 million square feet of grocery-anchored, neighborhood and single-tenant retail; regional power centers; and mixed-use developments in 27 states. The team’s combined decades of experience with local, regional and national tenants includes such names as Academy Sports + Outdoors, Target, Hobby Lobby, Sprouts Farmers Markets, Publix Supermarkets, Walgreens, Kroger, Dollar General, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, T.J.Maxx, Marshalls, PetSmart and Old Navy. Currently, the company has over $1 billion of commercial development totaling five million square feet in the pipeline or under construction by its shopping center, net lease and diversified development divisions. For more information visit gbtrealty.com.