Galveston County investor Sammy Villani has expanded his real estate portfolio with the acquisition of 16 acres of retail property across from Baybrook Mall.
Villani’s company, Ashta Investments, closed on the $50 million purchase of 19225 Gulf Freeway on Aug. 7, adding to a 33-acre parcel it acquired late last year near Baybrook Mall, the Houston Business Journal reported. The site encompasses more than 320,000 square feet and is priced at $156 per square foot.
Asita bought the property, anchored by Lowe’s Home Improvement, from Alpine Income Property Trust, a Florida-based real estate investment trust led by John Albright that owns 137 properties totaling 3.8 million square feet across 34 states, according to the REIT’s second-quarter filing.
Villani’s portfolio currently spans approximately 50 acres of retail and restaurant space on both sides of Interstate 45, a major corridor in the fast-growing Clear Lake market. All of these properties, acquired from Alpine, are fully leased with tenants including The Burger Joint, Crazy Alan’s Swamp Shack, Olive Garden, Ethan Allen, Rooms To Go, Visionworks, Longhorn Steakhouse and Charles Schwab.
Villani had tried to buy the property in 2021 but lost out to Alpine, taking possession in December of that year. When Alpine then put the property back on the market, Villani acted quickly, paying a non-refundable deposit of $1.2 million and completing the transaction within three weeks, he said.
Developer interest in the Baybrook and Clear Lake areas has increased, particularly following the opening of the Houston area’s first indoor water park by Great Wolf Resorts and the continued development of the Flyway mixed-use district in Webster.
Villani’s investment strategy is to capitalize on this momentum, and he is already in negotiations to acquire an additional 20 acres in Bay Brook, signaling his intention to further expand his holdings in the submarket.
Andrew Terrell
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