GBT purchases plot for Houston center

GBT Realty purchased 11.7 acres of land in Kemah, Texas, with plans to build a 79,000-sq.-ft. shopping center, reported mySA, a San Antonio news site. Purchase price was $2.1 million.



According to GBT, the center is 92% leased. Committed tenants include Petco, Marshalls, Ross Dress for Less, and Ulta.



Located south of Houston on Trinity Bay, Kemah has just 2,000 residents, but draws tourists with a boardwalk and entertainment district containing carnival rides, restaurants, and shops.



"It was an easy decision to pursue a shopping center in this community that has become a regional tourist destination in part due to the popularity of the entertainment district," said Jeff Pape, managing director of the shopping center division at GBT.



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