CORPUS CHRISTI, TEXAS — Transwestern has brokered the sale of Portairs Shopping Center in Corpus Christi. The 118,281-square-foot neighborhood retail property is located at the corner of Ayers Street and Horne Road at 4100-4302 Ayers. The center is anchored by a 16,650-square-foot Bealls and a 10,908-square-foot CVS/pharmacy. Additional tenants include Ace Cash Express, Colortyme, Cricket, Family Dollar, Hollywood Video, H&R Block, IBR Plasma Center, La Michoacana Meat Market, Radio Shack, Rent-A-Center, Rent America and Sally Beauty Supply. Occupancy was 92 percent at the time of closing.
Rudy Hubbard, Scott Carter and Leah Gallagher of Transwestern's Houston office represented the seller, Weingarten Realty Investors. A representative from Transwestern said that Weingarten has been in the process of disposing of some of its older centers over the past few years, choosing instead to focus its efforts on newer, well-anchored neighborhood and community centers located in major metropolitan areas with strong population growth and high barriers to entry. The disposition of Portairs Shopping Center fits in with this business strategy.
The buyer in the transaction was Portairs Partners LP. The acquisition price was undisclosed.
— Coleman Wood