New Owners Take Over Texas City Retail Center
Edifis Group, a Houston real estate development company focused on retail centers, purchased Palmer Plaza for an undisclosed amount. The 99k SF shopping center is on Emmett F. Lowry Expressway in Texas City, next to a new HEB. HFF's Ryan West and Matt Berry repped seller Weingarten Realty Investors. Tenants include Goodwill, Dollar Tree, Anytime Fitness, T-Mobile and Ace Cash Express.
The sale fits in with Weingarten's focus on upping its property profile. Earlier this year, Weingarten CEO Drew Alexander told us his strategy since October has been to sell older and smaller retail centers to reduce debt, and reinvest in higher-profile properties. Overall, he'd like to be a net buyer again, so perhaps we can look for a bigger acquisition down the line.