KATY, Texas (Covering Katy News) – A New York company, Brixmor Property Group, just bought LaCenterra at Cinco Ranch for $223 million, they announced July 28.
The popular upscale, outdoor shopping center covers 34 acres on Cinco Ranch Boulevard at Highway 99 and sees more than 5 million shoppers every year.
Why Brixmor Wanted It
Brixmor has a simple game plan: buy up lots of shopping centers in the same area so they can run them cheaper and control more of the market.
“The acquisition of LaCenterra At Cinco Ranch furthers our clustering strategy in a key market and broadens our tenancy profile and retailer relationships, providing a vibrant source of incremental and relevant demand, as we continue to evolve the merchandise mix across our transformed portfolio,” said Mark Horgan, Brixmor’s executive vice president and chief investment officer…