MISSION, TEXAS — In an off-market transaction, NewQuest Properties has acquired its first commercial property in the Rio Grande Valley, picking up a 99,424-square-foot Big Kmart on nearly 11 acres along the most heavily traveled route between McAllen and Monterrey, Mexico. The site is located at the northeast corner of Expressway 83/I-2 and South Bryan Road in Mission, used by more than 2.2 million vehicles per year in cross-border travel. NewQuest has purchased the property at 1405 E. Expressway 83 in Mission from Los Angeles-based Tishman International Cos. Meredith McLeod-Cobb and Michael McLeod-Cobb of Champions RE Group sourced and negotiated the off-market deal. Tishman was represented internally in the transaction. Developed in 1992, the Kmart is located six miles north of the Anzalduas International Bridge, a four-lane, three-mile span connecting Mission to Reynosa, Tamaulipas. NewQuest’s first investment in the region is situated at the western edge of the McAllen MSA, the retail crossroads for South Texas and Northern Mexico.
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