Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an unanchored strip center located at 2850 West Baker Road in Baytown, Texas. The 6,840-square-foot property is fully leased to six tenants. Evan Altemus of Northmarq represented the seller who developed the property last year. The asset was purchased by an individual investor for an undisclosed price. Both the buyer and seller are based locally in the Houston, Texas metro area.
“This retail center was in high demand with the buyer market – both locally in Houston and nationally – due to it being new construction and located not only at a great intersection, but within a local trade area with strong employment for local residents,” said Altemus, Associate Director in Northmarq’s Dallas, Texas office. “Previously, the Baytown market has been overlooked by many buyers, as suburbs like The Woodlands or Katy are much more well known to national buyers. But now, historic blue collar job markets like Baytown are becoming more appealing to investors due to the stability of the local economy. Houston has seen employment fluctuations with other sectors of oil and gas, but areas like Baytown that have more stable jobs with refineries are now becoming more in demand with investors.”
Located just 30 minutes east of downtown Houston, the property was constructed in 2021 and is situated on 0.67 acres. It is occupied by a mixture of local businesses including service and restaurant retailers, and all tenants operate on modified gross leases.