McAllen retail center sold to Laredo-based buyer

Big Sky Estate Investments LLC is the new owner of the Main Place Shopping Center in McAllen, a 172,000 square foot retail community center.

Coldwell Banker Commercial, who represented the Laredo-based buyer in the transaction, announced the news of the sale on New Year’s Eve, but the sale price was not disclosed.

“Our client saw the value-add opportunity with Main Place Center,” Principal of Coldwell Banker Commercial Rio Grande Valley Daniel Galvan said in the release.

Built in 1988, the Main Place Shopping Center is situated on approximately 20 acres, with its largest tenants being the University of Texas Rio Grande Valley and the Main Place Indoor Market.

Recently, the South Texas Vocational Technical Institute (STVT) signed a multi-year lease, which brought the center’s occupancy to 84% at the time of the sale.

“The asset is in a great location, adjacent to Simon’s La Plaza Mall,” Galvan said in the release. “The buyer plans to position the property for long-term success with an aggressive leasing strategy and potential pad sites available for development”

Providing commercial real estate solutions to serve the needs of owners and occupiers in the leasing, acquisition and disposition of all property types, Coldwell Banker Commercial Rio Grande Valley is a local affiliate of the national real estate company, which comprises nearly 200 companies and more than 300 professionals throughout the country and internationally.