CB Richard Ellis is scheduled to auction the Piazza Blanca Shopping Center in Galveston, Texas on June 2.
The 53,760-square-foot property located on Seawall Boulevard is currently partially leased. Features of the shopping center include Chili’s, Subway, IBC Bank, a pizzeria and a cafe. There is also a 118-unit condominium complex adjacent to the property that provides year-round demand to the center.
“This offering provides an investor the opportunity to increase NOI (net operating income) immediately and add-value by acquiring an existing, partially leased shopping center with tremendous upside potential,” said Paul Galanis, managing director of CBRE Auction Services.
In an open outcry auction, the retail center will be sold to the highest bidder at or above $750,000.
The center is located near major demand generators including the University of Texas Medical Branch and Stewart Beach. Next to the shopping center is also a McDonald’s and Walgreens.
Purchasers interested in bidding for this property need to have a $100,000 certified or cashier’s check.
“The lender is directing the sale of this property as they are not in the business of owning and managing real estate and has decided the most effective way to sell the property on a date certain is by auction,” said Douglas Johnson, managing director of CBRE.
The auction is scheduled to take place at the Intercontinental Houston, near the Galleria. Registration begins at 11 a.m., with the auction starting at 12 p.m.