FRIENDSWOOD, TX. December 30, 2021 — The Mishra Group completed the acquisition of Dickinson Plaza Shopping Center, an approximately 100,000 square foot retail shopping center located in the Dickinson, Texas trade area on Thursday, December 30, 2021. The Mishra Group purchased the asset from Dallas-based Dixie Partners, a private real estate partnership with several retail assets throughout Texas. Dixie had owned the shopping center for 18 years, since 2003.
“Dickinson Plaza Shopping Center is a significant addition to our portfolio. Strategically located at the intersection of the Gulf Freeway and FM 517, Dickinson Plaza Shopping Center provides an excellent opportunity for national and local tenants alike to situate their businesses in an easy-to-access, well-positioned shopping center with excellent visibility from the freeway and feeder road,” said Shiv Mishra, Vice President of The Mishra Group, who oversaw the underwriting and acquisition of the asset. “Speaking more to this center’s placement in our portfolio, it’s one of the largest neighborhood shopping centers we've acquired and it's easy to be excited about 100,000 square feet right in our backyard. Previous ownership was out-of-town so there are a number of deferred maintenance items that we need to take care of now that we have closed, and there are a lot of good ways to add value here. We’re really looking forward to it,” Mishra added.
Dickinson Plaza Shopping Center is anchored by Boot Barn, one of the nation's largest western-wear apparel and accessory outlets, and Star Fine Furniture, a regional, upper-scale furniture and home furnishing sales store, and features one of the largest dollar-store powerhouses, Family Dollar, as an in-line junior-anchor. Additionally, the center features Monterey's Little Mexico, an authentic, nine-location, multi-state Mexican restaurant chain founded nearly 70 years ago in Houston. The center boasts an ample supply of parking and after the ongoing Gulf Freeway construction and expansions are complete, the center will be an unquestionable go-to destination for in-person shopping and delivery/hub placements.
Additionally, relating to the acquisition of the property, Mishra stated that “[t]his was a tough deal. End-of-year closings are not clockwork. We had a number of roadblocks come up at some of the worst times and a majority of our significant deadlines fell around holidays making collaboration challenging. We had a pretty concerning can of worms open up just a few days before closing after closing documents had already been signed, but thanks to our resourceful and experienced team of professionals, we still got this one across the finish line despite the hoops. My father, Vijay, and I feel that this closing was an excellent way to wrap up 2021.”
The Mishra Group’s in-house management and brokerage affiliate NOI Management will assume the management and leasing functions of the property internally.
The Mishra Group is aggressive in acquiring commercial property and is seeking opportunities in Houston, Texas, and all surrounding markets—email Shiv Mishra should you have any opportunities of such nature.
The Mishra Group thanks all parties involved for a successful closing, especially through a number of holidays, including Thanksgiving and Christmas, and the company wishes all a Happy New Year and exciting 2022.
About The Mishra Group
THE MISHRA GROUP is a privately-held, fully integrated real estate company with decades of experience in the investment, management, and leasing of commercial properties, with an emphasis on retail, flex, and warehouse properties. The Mishra Group has acted as an instrumental principal in over $250 million in commercial real estate transactions and have purchased, developed, managed, leased, or sold over one million square feet of commercial property. The Mishra Group is led by Vijay Mishra, an experienced investor, broker and developer who has been local to Houston’s real estate market for over 22 years. For additional information, visit the company website at themishragroup.com.