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Nov. 7, 2003, 6:59PM Real estate Local market in middle of national ranking By RALPH BIVINS Texas City retail growing The Texas City area is gaining stature as a locale for retailing as development pushes outward from Houston. An investment group led by Bob Yari and Kam Mateen, a pair of Los Angeles investors, has purchased the Mainland Crossing shopping center, near Interstate 45 and close to Mall of the Mainland. The seller was Simon Properties, said Joelle Verbeke, vice president of Day Realty Advisors. Verbeke has handled a number of shopping center purchases for Yari's group, which owns Mall of the Mainland, Greenspoint Mall, Pasadena Town Square and other retail projects around the state. The 780,000-square-foot Mall of the Mainland has been a success story since it was acquired over a year ago. The mall is 80 percent occupied, and the food court has a number of new restaurants, Verbeke said. Growth in Galveston, only a few miles to the south, has been good for the mall. And the large number of new subdivisions in northern Galveston County has also improved retailing prospects. |
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