PlazAmericas Mall In Southwest Houston Changes Hands

New owners are taking over PlazAmerica Mall.

The project, formerly named Sharpstown Mall, is near Interstate 59 and Bellaire Boulevard in Houston. Houston-based Baker Katz purchased the property from Philadelphia-based RAIT Financial Trust. 

This purchase represents a long-term investment into the Greater Sharpstown market for the buyer, Baker Katz principal Jason Baker said in a Dec. 20 release. The Harris County Appraisal District values the property at $12.2M, but the sales price was not disclosed. 

“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,” Baker Katz Development Partner Neal Wade said. “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 plans to enhance the shopping experience and increase mall occupancy. The current property management team will stay in place with general oversight provided by Baker Katz Management. More than 175 local, regional and national retailers and restaurants, including an 83K SF Mercado Marketplace, occupy the 840K SF enclosed shopping center. 

In this deal, Baker Katz secured the mall's largest section but didn’t include any attached anchor stores or the 10-story building on the site, according to the Houston Chronicle. Those tenants have different owners. 

"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,” Baker said. 

PlazAmerica Mall, built in 1961, is one of the oldest enclosed malls in Houston, and has survived as newer malls opened and the retail landscape changed.   

Nearly a decade ago, previous owner Grupo Zocalo, the retail arm of Houston-based Boxer Properties, invested over $10M to renovate and rebrand the mall to target the Hispanic community, which made up more than 50% of the population within a 3-mile radius. All of the mall's signage is bilingual, and decorations and events center around the Hispanic culture. 

CBRE's Matt Berry and Robbie Kilcrease represented the seller. Jason Baker and Kenneth Katz represented the buyer in-house.