Kobalt Investment Buys 222 KSF Texas Shopping Center
Kobalt Investment Co. has purchased a controlling interest in Rio Norte Shopping Center, a 222,291-square-foot Class A retail center in Laredo, Texas. The firm partnered with Stonefield Investment Advisors LLC and Espada Real Estate to acquire the asset.
JLL brokered the transaction on behalf of the seller, a joint venture between Auerbach Opportunity Fund I LP and Elevation Real Estate.
Anchored by Ross Dress for Less, Rio Norte Shopping Center features a diverse mix of regional and national retailers such as Michael’s, Petco, Dollar Tree, Shoe Carnival, Five Below, dd’s discounts, Spec’s, SAS Shoes and Cicis Pizza, among others.
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JLL Senior Managing Director Adam Howells and Associate Matthew Barge led the Retail Capital Markets Investment Sales and Advisory team which represented the seller.
Laredo’s retail core
Located at 5404-5506 San Bernardo Ave., in the heart of Laredo’s retail core, the property is near Interstate 35, in an area where the daily traffic count reaches around 87,265 vehicles, according to Kobalt. Rio Norte Shopping Center serves approximately 173,673 individuals within a 5-mile radius, with the average household income of $78,415, the same source shows.
Over recent years, Laredo’s retail sector has flourished remarkably, as noted by Texas Real Estate Business. Retail stores and restaurants are increasingly choosing the Bob Bullock Loop, which connects I-35 to South Laredo, over the traditional I-35 corridor. I-35 has long been the primary retail hub in Laredo, attracting shoppers from Nuevo Laredo and Monterrey, Mexico. However, the emergence of Loop 20 has shifted retail activity, now drawing in both local customers and a growing number of Mexican shoppers.
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