Christopher Cortese & Jesse Weber Of PlaceMKR Acquire Retail Properties In Texas And Mississippi For $31.85M
1600 West Kelly Avenue, 642 South Walnut Avenue, 2650 West Interstate 20, 15065 Creosote Road & 2244 South Reynolds Road
$31,850,000
$296/SF
Building Size
107,394 SF
Asset Type
Retail
Closing
Aug 25, 2026
About this deal
AI
This transaction involves the sale of five retail properties located at 1600 West Kelly Avenue, 642 South Walnut Avenue, 2650 West Interstate 20, 15065 Creosote Road, and 2244 South Reynolds Road in the markets of Pharr, New Braunfels & Grand Prairie, TX; Gulfport, MS; and Toledo, OH. The total sale price for the properties is $31,850,000, which translates to approximately $60 per square foot, with a total square footage of 533,472.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $31,850,000
- Buyer: Christopher Cortese & Jesse Weber
- Buyer Agency: PlaceMKR
- Seller: LCN Capital Partners
- Seller's Representatives: Josh Dicker, Bryn Feller & BJ Feller - NorthMarq
The deal was facilitated by Christopher Cortese and Jesse Weber, who represent the purchasing entity PlaceMKR. The seller was represented by Josh Dicker, Bryn Feller, and BJ Feller from NorthMarq, indicating a comprehensive collaboration among brokers to finalize this transaction.
On the Map
$31,850,000
$296/SF
Retail
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Property Record
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Players
Pharr Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93