Outlets at Corpus Christi Bay Sold
Only 22 months after opening for business, the Outlets at Corpus Christi Bay sold at auction Tuesday, Feb. 5, as part of bankruptcy proceedings. Real Estate Holding LLC was the sole bidder on the property at 500 U.S. 77 in Robstown. The Oklahoma liability company purchased the outlet mall with a $42 million credit bid. A credit bid is not a cash bid.
As the secured creditor, Real Estate Holding was allowed by law to place a credit bid on the property. The company lent Lockhard Outlets Corpus Christi Bay LLC $65 million in November 2014 to build the Robstown mall. When Lockhard recently failed to make payments, the property filed for bankruptcy.
The shops currently remain open for business. Marketing Director Mona Della told reporters the sale would give the facility a new start and opportunity to grow.
A new hotel was planned for property adjacent to the outlets, but no word on whether those plans will move forward anytime soon.
The Outlets at Corpus Christi Bay is a 50-acre shopping center that was 10 years in the planning. It was first announced in 2007. It did not open its doors until March 2017. The outlet was budgeted for 72 tenants. Currently, 22 tenants are open for business. The largest tenants are Nike Factory Store, Journey, Guess Converse, H&M, Rack Room Shoes, Maurices, and Zales.
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