No bidders at auction for One Shoreline Plaza, hope of redevelopment remains<\/a><\/p>\nThe sale of Moore Plaza, located along South Padre Island Drive, was completed in December, while the Huntington Square Shopping Center at the corner of Saratoga Boulevard and South Staples Street was sold earlier, with that deal closing in October.<\/p>\n
Both shopping centers see heavy traffic, particularly on weekends, and commercial real estate brokers involved in the transactions say location \u2014 along with strong anchor tenants \u2014 played a major role in attracting buyers.<\/p>\n
\u201cHuntington is sitting next to one of the best HEBs in the country that\u2019s getting ready to do a $32 million remodel, so they\u2019re not going anywhere, and Huntington has been very well occupied for the past ten years,\u201d said Lynann Pinkham of Cravey Real Estate.<\/p>\n
Pinkham, who has worked in commercial real estate in South Texas for nearly 40 years, is now managing Huntington Square for the company that purchased it. Included in the sale were an additional 4.7 acres of land behind the nearby H-E-B, though development plans for that property have not yet been announced.<\/p>\n
Dallas-based broker David Disney, who was involved in both sales, said grocery anchors like H-E-B often provide long-term stability that benefits surrounding businesses.<\/p>\n
\u201cThe numbers speak for themselves as to how well those HEB stores do at both properties, and investors are very attuned to that,\u201d Disney said. \u201cI think that the new owners will be very good stewards of each of the properties.\u201d<\/p>\n
While no new tenants or upgrades have been formally announced, Pinkham said future development could help keep skilled professionals in the Coastal Bend by bringing new retail options to the area.<\/p>\n
\u201cIt brings more product to the market, product that maybe you always heard so many people go, \u2018I gotta go San Antonio, I\u2019ve got to go to Houston. I\u2019ve got to go to Dallas to get all this. Why can\u2019t I get it in Corpus?\u2019\u201d Pinkham said. \u201cI\u2019ve had medical people tell me the doctor\u2019s wife goes, \u2018Well, you don\u2019t have a Costco? Well, I\u2019m not coming.\u2019\u201d<\/p>\n
3NEWS reached out to Harkinson Investment Corporation, which purchased Huntington Square, and Bridge 33, the new owners of Moore Plaza, for comment regarding potential upgrades or new businesses. As of publication, neither company had responded.<\/p>\n","protected":false},"excerpt":{"rendered":"Moore Plaza and Huntington Square have new owners as investors bet on strong anchors and prime locations in…\n","protected":false},"author":2,"featured_media":134414,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[155,157,156],"class_list":{"0":"post-134413","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corpus-christi","8":"tag-corpus-christi","9":"tag-corpus-christi-headlines","10":"tag-corpus-christi-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/134413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=134413"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/134413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/134414"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=134413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=134413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=134413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}