Baker Katz purchases Plazamericas Mall in Houston
Houston-based Baker Katz, a full-service commercial real estate firm that leverages intimate knowledge of the Houston market to specialize in project development, leasing and management, and retail tenant representation, has announced it has purchased PlazAmericas Mall, formerly known as Sharpstown Mall, in Houston.
Baker Katz Principals Jason Baker and Kenneth Katz made the announcement.
Located on 37 acres at the northwest corner of Interstate 69/U.S. Route 59 and Bellaire Boulevard, the 850,000-square-foot mall is home to more than 175 local, regional and national retailers and restaurants.
“PlazAmericas is a staple in the community, a home to local businesses and a neighborhood gathering place, and we are thrilled to be adding this property to our portfolio,” said Baker Katz Development Partner Neal Wade. “The history of this mall is meaningful to the community, and that will inform our plans when making necessary structural and cosmetic enhancements to ensure the mall accurately represents the character of the neighborhood.”
Baker Katz purchased PlazAmericas from Philadelphia-based RAIT Financial Trust, who was represented by Matt Berry and Robbie Kilcrease of CBRE. Baker, Katz and Wade completed the transaction. The current property management team at PlazAmericas will remain in place with general oversight provided by Baker Katz Management.
“Careful consideration and planning went into the purchase of PlazAmericas, and we are excited to enhance the experience for both business partners and consumers by building on the momentum of sales and occupancy growth at the mall,” said Katz. “We have the best interests of PlazAmericas, its retailers and restaurants in mind, and are thrilled to be embarking on this journey partnering with them for years to come.”
“As Houston natives, we are advocates of this neighborhood and are excited to make a long-term investment in local partners with our purchase of PlazAmericas,” said Baker. “We are purchasing this mall to build on a successful model to enrich the shopping experience, increase occupancy and enhance this important community gathering place. This is a complex project, which takes patience, and we are committed and dedicated to making it a one-of-a-kind experience for Houstonians.”
Constructed in 1961, PlazAmericas is the oldest enclosed mall in Houston and has been expanded and renovated over the years since opening, including a second level addition, an 83,000-square-foot Mercado Marketplace anchor filled with numerous stores, entertainment, children’s play areas, and more. PlazAmericas offers a diverse variety of retailers providing unique items and services, dining options, entertainment and kiosks. The mall offers monthly seasonal and cultural special events to engage with the community.