A Florida-based investment company has purchased Montgomery Plaza, a major retail center in Conroe, expanding its footprint in the Greater Houston retail market. The 315,708-square-foot shopping center is the firm’s sixth retail property in the region.
A South Florida real estate investment firm has successfully acquired Montgomery Plaza, a shopping center spanning 315,708 square feet in Conroe. This acquisition marks the firm's sixth retail property purchase in the Greater Houston area, underscoring the region's ongoing appeal for retail investment.
JBL Asset Management, based in Hollywood, Florida, has acquired a power retail center situated at the intersection of Interstate 45 and Loop 336, approximately 40 miles north of Houston. The property achieved an occupancy rate of approximately 94.3% at the time of the sale, featuring various national retailers among its tenants.
Montgomery Plaza features a diverse lineup of prominent tenants, including Academy Sports + Outdoors, O’Reilly Auto Parts, Crunch Fitness, Spec’s Wine, Spirits & Finer Foods, Petco, and Dollar Tree.
The acquisition underscores ongoing investor enthusiasm for the Conroe retail market, located within one of the Houston area's rapidly expanding submarkets. According to JLL, the shopping center draws over 2.2 million visitors annually, placing it in the top 80% of shopping centers throughout Texas.
JLL's Investment Sales and Advisory team represented the seller in the recent transaction. In a significant development, Senior Managing Director Ryan West and Senior Director John Indelli took the helm of the brokerage team.
West emphasized the investment potential of the property and the overall market conditions in Conroe.
“Montgomery Plaza presented a remarkable chance to secure an established power center featuring robust national tenants in one of Texas’ rapidly expanding markets,” West stated. The property’s strategic location has been identified as a crucial element in drawing the interest of potential buyers.
“The property’s strategic position at the crossroads of two significant thoroughfares, along with Conroe’s remarkable demographic expansion, has rendered it particularly appealing to investors,” West stated.
The retail center is strategically located in a bustling corridor, benefiting from significant visibility along Interstate 45 and Loop 336. This prime positioning ensures robust access for local shoppers as well as regional visitors. The site features several pad sites, presenting potential for future expansion or redevelopment opportunities for the new owner.
JBL Asset Management focuses on the acquisition, management, and development of retail shopping centers, primarily operating in the states of Florida, Texas, and Georgia.
The acquisition highlights the rising interest in retail properties in North Houston, as Conroe experiences ongoing population growth and a surge in commercial investment.
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