Swamplot Archives by Category: Leasing

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Wednesday, October 7, 2009

Old Sharpstown Target: New Center of Convenience

October 7, 2009 – 4:57 pm

A reader reports that the long-shuttered and fallow former Target store on the northbound 59 feeder just north of Bellaire Blvd. (and across the freeway from the Sharpstown Mall) will finally be used for something productive — though it’s “probably not the kind of use the Greater Sharpstown Management District had in mind.” What’s that?

The new owner, Golden Sharpstown Inc, is reportedly in the process of turning the 160,000 square foot building into the new home of Texas Jasmine, “the leading wholesaler for C-Store Owners.” (That’s Convenience Store, for the uninitiated.) Texas Jasmine is out of space at their old location [at 7800 Harwin near Fondren, pictured above], and does a thriving business supplying gas stations and convenience stores throughout Houston with everything from dill pickles-in-a-bag to pipe tobacco.

Well, who doesn’t need a dill pickle in a bag now and then? How convenient for the convenience-store owners, no?

Sure, says our tipster, but:

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4:57 pm | 3 Comments | Read more about Leasing, Neighborhoods: Sharpstown, Retail
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Wednesday, September 23, 2009

Comment of the Day: Apartment Model Showings

September 23, 2009 – 6:45 pm
   

“If ‘Nudist sundeck + 1 hired model –> 100% occupancy’ was the case, then the Core (on Washington Ave) and Bel Air (on Allen Parkway) and many others in the similiar ’scene’ and price range would be at 100% occupancy too. But they are not. BTW, the Bel Air pool is really really nice!” [irfan, commenting on Taking More Than Half Off at Those Apartments with the French Quarter Look]

6:45 pm | Add a Comment | Read more about Apartments, Comments, Leasing, Neighborhoods: Montrose, Neighborhoods: Washington Corridor, Quicklink, Real Estate Marketing
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Monday, September 21, 2009

Taking More Than Half Off at Those Apartments with the French Quarter Look

September 21, 2009 – 3:00 pm
   

How hot are those apartment specials? “One complex is pushing a concept that’s even more unusual: a clothing optional sun deck. ‘I don’t know if anybody uses it or not,’ said George Renfro, who leased a two-bedroom apartment at the French Quarter-style complex called La Maison at River Oaks. ‘It’s up on the top floor and in a very secluded area.’” [Houston Chronicle]

3:00 pm | 7 Comments | Read more about Apartments, Leasing, Neighborhoods: Upper Kirby, Quicklink, Real Estate Marketing
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Friday, September 18, 2009

All Those New Energy Corridor Office Buildings

September 18, 2009 – 11:56 am
   

“Among projects slated to begin construction soon are the 477,000-square-foot Energy Tower III from Mac Haik Realty Ltd. on the Katy Freeway, the 170,000-square-foot Enclave Corporate Center and the 230,000-square-foot Energy Crossing II, developed by Phoenix-based Opus West Corp. on the Katy Freeway. Currently, 13 new office buildings are being constructed in the Energy Corridor, according to the Energy Corridor Management District. Major developments coming online in the near future include the 300,000-square-foot Three Eldridge Place at 737 North Eldridge Parkway being developed by Dallas-based Behringer Harvard; the 447,000-square-foot Energy Tower II, which is expected to be completed this fall and will be occupied primarily by Technip; and Eldridge Oaks I, a 350,000-square-foot building at 1080 Eldridge Parkway being developed by Transwestern. In all, the market will gain an estimated 1.25 million square feet of new space, of which about 33 percent is pre-leased. Class A vacancy is expected to increase by about 50 percent this year, its highest rate in five years, according to market experts.” [Houston Business Journal]

11:56 am | 2 Comments | Read more about Commercial Real Estate, Leasing, Neighborhoods: Energy Corridor, New Construction, Office Buildings, Proposed Developments, Quicklink
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Tuesday, September 15, 2009

In and Around the New North Montrose Whole Foods

September 15, 2009 – 10:11 am

A few details on that new Whole Foods Market planned for the corner of West Dallas and Waugh, just south of the now AIG-sign-free America Tower: Finger Companies, the owners of the land, says the new store will be 40,000 sq. ft. — slightly smaller than reported when the company first announced the project more than a year ago. Also: The store will have “a variety of eco-conscious elements and tons of inviting space for neighbors to congregate.”

The Finger Companies says the Whole Foods will be built “in conjunction with the developer’s proposed new luxury apartment project.” That project, also announced in the spring of 2008, was slated for the eastern portion of the site, closer to Montrose Blvd.

Image: The Finger Companies

10:11 am | 28 Comments | Read more about Apartments, Commercial Real Estate, Land Development, Leasing, Neighborhoods: Montrose, Neighborhoods: North Montrose, Proposed Developments, Retail
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Friday, August 21, 2009

Comment of the Day: I Was a Schmuck for Michael B. Smuck

August 21, 2009 – 7:37 pm
   

“. . . We, as managers, were forced to lie to residents about repairs as no company would sell us supplies. We had numerous occassions where trash service and water were stopped due to non-paynment. New residents were moved into dirty apartments with shoddy repairs, old uncleaned carpet and were expected to deal with it. All ‘extras’ tenents had come to expect were discontinued when MBS took over. I was also employed when our christmas paychecks bounced, although it didn’t happen at all properties. Forget a refund on your deposit as well. Even if the apartment was left in perfect condition we were forcefully told to find something to charge them for to keep all their money. Keep in mind all of what I experienced happened before Katrina — I was long gone by then. Working for those people made me leave the apartment industry for good.” [Laura, commenting on The Lodge at Baybrook: Smuck Survivor]

7:37 pm | 1 Comment | Read more about Apartments, Comments, Crime, Fraud, Leasing, Quicklink
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Thursday, August 20, 2009

The Lease of Your Worries: What’s Happening to the Shiloh Club?

August 20, 2009 – 11:28 am

And now, an entirely unverified rumor concerning Heights watering hole the Shiloh Club, at 1321 Studewood. A tipster writes in:

Stopped in for a cold one yesterday and the word is the lease to Joe (the owner since the late 80’s?) is not being renewed.

Heard- two daytime locals are taking over the lease on September 1. No word what will become of the current bar.

Observed- Friday nights about 10:30 the bar is inundated with young hipsters grabbing cheap drinks on their way out to go clubbing.

Thanks for noticing!

Photo of Shiloh Club, 1321 Studewood St.: Heights Blog

11:28 am | 16 Comments | Read more about Leasing, Neighborhoods: Houston Heights, Nightlife
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Tuesday, August 11, 2009

Okun Gets 100 Years; How Many for the West Oaks Mall?

August 11, 2009 – 11:54 am

High-stakes real estate swindler Edward H. Okun was sentenced last week in a Virginia courtroom to 100 years in prison for absconding with about $126 million in funds entrusted to his qualified intermediary company by 1031 exchange investors. Meanwhile, back on the corner of Westheimer and Highway 6, one of his former properties went up for sale.

Okun’s Investment Properties of America bought the West Oaks Mall for $110 million in 2005. The sellers of the bankrupt property might expect to get $20 million for the million-sq.-ft. mall today, reports Globe St.’s Amy Wolff Sorter:

The mall’s anchors include Dillard’s and Macy’s, which own their own space, and Sears, which is on a lease. [Holliday Fenoglio Fowler's Robert] Williamson says the Sears lease is up in 2010, but negotiations are underway to keep the retailer in place.

When Okun bought the mall from Somera Capital and CoastWood Capital a little less than four years ago, the asset was 95% leased, and sported $10 million worth of exterior and interior improvements. IPA had even larger plans for even more renovations on the 33-acre site, Williamson says.

Less than a year later, the owner was able to secure $86 million of permanent financing for the mall. Yet by late 2007, IPA had filed for bankruptcy protection to stave off foreclosure. Okun’s troubles and a failing economy dropped the mall’s occupancy to a little less than 70%.

How’s the mall looking these days?

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11:54 am | 4 Comments | Read more about 1031 Exchanges, Buildings for Sale, Commercial Real Estate, Foreclosures, Fraud, Leasing, Malls, Neighborhoods: Alief, Retail
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Thursday, August 6, 2009

Alabama Bookstop Stop Date: September 15th

August 6, 2009 – 2:36 pm

That summer clearance sale that’s been going on at the Bookstop in the Alabama Theater Shopping Center on South Shepherd is uh, final. The store will be closing for good on September 15th. The new Barnes & Noble in the River Oaks Shopping Center on West Gray will be opening the next day (a bit sooner than was announced earlier), but no unsold books from the Bookstop location will be making the trip north.

So what happens to the Alabama Theater after then?

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2:36 pm | 24 Comments | Read more about Commercial Real Estate, Historic Preservation, Leasing, Openings and Closings, Renovations, Retail, Shopping Centers, Strip Centers
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Monday, July 27, 2009

Losing a Mint, Plus Helpful Subway Guides You To Your Next Strip-Center Sandwich Fix

July 27, 2009 – 5:15 pm

Houston radio host and blogger Lance Zierlein snaps photos of the lockout letters on two separate storefronts in the Shops on Sage strip center at 2800 Sage, on the corner of West Alabama. The notices, demanding that delinquent rent be paid before the stores can be reopened, were apparently posted by center managers Hunington Properties last Wednesday.

Who’s locked out? Lebanese restaurant Mint Cafe . . . and a Quiznos, which Zierlein reports on Twitter is already vacant.

But . . . what’s this? Someone from the nearby Subway in the Yorktown Plaza shopping center on W. Alabama has been kind enough to post a menu on the Quiznos door, with this pertinent Subway tagline featured prominently: “At Subway restaurants, we have your fresh interests at heart.” Plus, a handwritten invitation to visit!

Zierlein’s line: “Subway vultures picking over the carcass.”

Photo: Lance Zierlein

5:15 pm | 11 Comments | Read more about Leasing, Neighborhoods: Galleria, Openings and Closings, Restaurants, Strip Centers
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Friday, July 10, 2009

Main Street Theater Reaches the Renovation Stage

July 10, 2009 – 1:19 pm

Main Street Theater’s lease on its Rice Village building — which it’s held for 27 years — went month-to-month last year. So the 34-year-old company has announced it wants to buy and renovate the building at 2540 Times Blvd., near Kirby. (The theater also stages productions at a separate facility in Chelsea Market, at 4617 Montrose Blvd.)

This dramatically lit rendering from Studio Red Architects is meant to attract donors to the organization’s $3.5 million capital campaign. It shows what a theater-owned and renovated building might look like shortly before an evening performance — if, say, no one decided to park in front of it.

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1:19 pm | 2 Comments | Read more about Houston Architects, Institutional Buildings, Leasing, Neighborhoods: Rice Viillage, Proposed Developments
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Wednesday, July 8, 2009

Centre at Post Oak: Holding Steady

July 8, 2009 – 4:25 pm

A reader sends photos from a recent visit to the Centre at Post Oak shopping center, across Westheimer from the Galleria:

It’s been a while since I’ve been by here, so maybe this is old news, but … are the shopping cneter owners hurting so bad they’ve got to resort to selling ads for overactive bladder medications in the parking lot?

The parking lot sign suggests empathetic readers go to the conveniently named website www.overactivebladder.com. There you can take a brief urination quiz, view bladder illustrations, and read extensive advertorial content from Pfizer, makers of Toviaz — a pill “clinically proven to significantly reduce bothersome symptoms of OAB like strong sudden urges to go, frequent bathroom visits, and accidents.”

The reader continues:

I wonder how many urgent visits from highly suggestible customers this has brought to the stores there. How’s the Mattress Firm holding up?

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4:25 pm | 6 Comments | Read more about Leasing, Neighborhoods: Galleria, Parking, Real Estate Marketing, Shopping Centers
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Tuesday, July 7, 2009

Spec’s Developments on Washington: The Full Court Press

July 7, 2009 – 12:04 pm

More action in the ongoing battle over the Washington Ave. Spec’s: Responding in kind to the lawsuit filed against his company by the Harris County District Attorney in March, the owner of Spec’s has filed his own complaint against the city of Houston and Harris County.

The new countersuit claims that by granting the store permits, the city had agreed to allow the Spec’s at the Washington and Westcott roundabout to sell alcohol — even though the property was less than 1000 ft. from Memorial Elementary School. According to a city ordinance, only establishments earning more than half their revenue from food sales are allowed to sell alcohol within 1000 ft. of a school.

Spec’s owner John Rydman says the city agreed to issue the permits to sell alcohol at the store

even though the proximity to the school was noted on the application. He said he renovated a building and entered into a five-year lease at a cost of $2 million based on the assumption that the permits were valid. . . .

In a previous interview, Rydman said he knew of the potential problem and would not commit to build out the property or to sign a lease unless the city agreed to a variance. When the permits were granted, he said he thought all obstacles had been cleared.

The Harris County Attorney’s office contends that the granting of the permit was a simple error — and Spec’s officials knew it.

Meanwhile, a Swamplot reader writes in with a few pointed questions about the roles of the building’s owner and leasing agent in the dispute:

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12:04 pm | 20 Comments | Read more about Development Restrictions, Leasing, Neighborhood Disputes, Neighborhoods: Camp Logan, Retail, Schools
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Monday, July 6, 2009

Massage Studios of Ill Repute

July 6, 2009 – 12:38 pm
   

So many houses of prostitution in Houston . . . but who’s counting? “Because arresting prostitutes or customers barely slows the actual sex trade, investigators have concentrated on owners, bringing money laundering charges that carry stiffer penalties or using state nuisance laws to close their doors. But it takes months to put a case together as officers pose as customers and prostitutes. Even when a final conviction takes out a business, someone else can move in to the buildings along Houston’s highways and neighborhoods to ply their wares, Houston Police Sgt. Mark Kilty said. ‘There’s so much money involved in sex, in the sale of sex, that’s why you have so many establishments,’ Kilty said. He estimated that there are over 100 brothels in Houston. Others have put the number as high as 300. ‘Because they’re illegal they’re hard to track,’ Kilty said.” [Houston Chronicle]

12:38 pm | 9 Comments | Read more about Crime, Leasing, Openings and Closings, Quicklink
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Wednesday, July 1, 2009

Houston Pavilions Goes Office

July 1, 2009 – 8:48 am

And suddenly, Houston Pavilions gets some action:

NRG Texas and Reliant, NRG’s retail electric company, have agreed to lease 240,000 square feet of the 11-story Pavilions Tower, which comprises most of the building at 1201 Fannin.

NRG/Reliant will take 10 floors. The law firm Sheehy, Serpe & Ware has the top floor.

The bottom three floors of Pavilions Tower have always been designated as “swing space,” which could have been used for retail or office space, Houston Pavilions co-developer Geoff Jones said. NRG/Reliant will take all of the swing space, as well as some additional space on the second floor that initially had been designated for retail, Jones said.

How much of that lonely and vacant retail “additional space” on the second floor is being turned into office space?

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8:48 am | 5 Comments | Read more about Leasing, Mixed Use, Neighborhoods: Downtown, Office Space, Retail
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