07/18/12 3:20pm

Leaping canines on a custom gate further boost the through-the-crate view of a property in Braeburn Gardens that has been home for 35 years to The Courtyard Kennel. The compound, once a show dog facility, sits on more than an acre. The assemblage of structures includes 800 sq. ft. of indoor-outdoor kennels and pet care facilities, dog runs, covered patios, and enough outdoor spaces and landscaping to keep 4-legged pets and their 2-legged friends amused. There’s also a 1955 house, a portion of which appears to have been a business office, and a driveway that, fittingly, doglegs across the corner lot.

CONTINUE READING THIS STORY

07/11/12 3:40pm

FILLING COMMERCIAL SPACE BY THE SQUARE FOOT A new website launched by a Houston startup aims to simplify the complicated process of leasing and setting up shop in a new office, warehouse, restaurant, or retail space. Kicked off this month with about 1,500 Houston property listings from about a dozen local and national brokers, The Square Foot is targeted at small and medium businesses that have never leased commercial property before. After steering customers to properties that match their criteria, the site intends to smooth out the process of finding helping tenants find furniture, IT services, movers, and related services as well. Co-founder Justin Lee tells Swamplot the site is focusing on Houston for now, but hopes to expand coverage to Texas’s other major cities by the end of the year.

06/22/12 12:10pm

A JUST-OPENED SOURCE FOR HOUSTON BUILDING DATA A 3-month-old website that aims to collect and broadcast detailed information about existing buildings — including photos, square footage counts, ownership and management contacts, projects and renovations, and LEED certification levels — opened its catalog of Austin, Dallas, and Houston commercial and mixed-use structures this week. HonestBuildings.com claims to have detailed online profiles already available on a total of 95,000 buildings in those 3 Texas cities, and on a total of 475,000 nationwide. Many of the Houston listings contain only cursory info so far, but the company is hoping local building managers will provide details to fill out the extensive list of data categories. The New York and Seattle-based startup appears to focus on issues of energy efficiency, allowing companies that provide related services to showcase and target their work — and users to compare building data.

06/19/12 2:24pm

The half-empty strip center left over from a series of unfortunate redos of City Hall architect Joseph Finger’s 1937 Tower Community Center (which once served as an art-deco companion piece to the former Tower Theater across the street) is now under contract to a new owner, along with the entire 2.86-acre block at the southwest corner of Westheimer and Montrose. That’s the word from a posting on the property’s listing site noted by Going Up! City, but the listing brokers at HFF aren’t providing any additional information.

Unless someone wants to spill the beans on the purchaser’s identity or any plans for the current home of Half Price Books, Spec’s, Papa John’s, and 3-6-9 China Bistro (along with the standalone Jack-in-the-Box at Montrose and Lovett) before then, you’ll have to wait until the seller issues a press release — which will happen sometime next week, a source tells Swamplot — for additional details. The property went on the market in early March.

CONTINUE READING THIS STORY

06/13/12 5:44pm

In 2009, the now-10-year-old Betz Art Gallery housed in a 1947 cottage-scale venue on West Gray gained a 3-story appendage to expand its exhibition space. Now the gallery towers over itself. Listed in January at $599,000, the property’s asking price dropped to $549,000 at the end of March. That’s around the time artist Lori Betz opened the Betz Art Foundry at the Summer Street Studios, up in the artsy warehouse district off Houston Ave. Although the Montrose-area gallery remains open, it’s moving later this year, a gallery staff member says.

A mashup of modern and vintage structures, the bi-level gallery-home is listed as ADA compliant and reported to be “very energy efficient.” Maybe it’s the dearth of windows. Glass panes that remain post-redo have light-diffusing panels.

CONTINUE READING THIS STORY

05/31/12 2:13pm

The very first event at the brand-new West Oaks Art House takes place this Friday night, when the Suchu Dance company performs its first work in the eerie fluorescent-lit cavern left behind by JCPenney when it gave up on its freestanding building at the West Oaks Mall in 2003. The performance kicks off the appropriately named Big Range Dance Festival. It’s not just the repositioning dance of the vacant mall department store: 16 Suchu dancers will range around the enormous space in a piece called “Afternono.” To counter claims that this event is a bit too “way-out” for Suchu’s usual East Downtown audiences, the company is commandeering a trolley-style bus to bring audience members from the Spring Street Studios north of Downtown to the West Houston mall at Westheimer and Hwy. 6.

LA artist Sharsten Plenge, who’s been working to transform the abandoned 100,000-sq.-ft. store into some sort of arts center — in part by offering free rent to artist groups willing to venture so far from their usual haunts and set up shop or exhibits there — tells Swamplot she hopes the inaugural Suchu performance (as well as additional ones on subsequent Saturday afternoons) “marks the beginning of what we hope to be many more unique projects” in the building, which now bears the acronym WOAH.

CONTINUE READING THIS STORY

05/01/12 4:28pm

Pulling into the Pei Wei parking lot on FM 1960 just north of 290 for lunch yesterday, Swamplot reader David Hollas came upon “a whole bunch of commercial real estate signs that reminded me of that tasty sandwich place called Quiznos.” Looking closer, he realized the signs belonged to Houston commercial real estate company NewQuest Properties. Hollas notes “the logos are nearly identical.”

Photo: David Hollas

04/26/12 12:45pm

It’s 1 down and 2 to go for the properties comprising Shell Oil’s Bellaire Technology Center on Bellaire Blvd. A 3.2-acre slice leased by Shell for years is under contract for future redevelopment. The tech facility’s remaining 2 properties on the same megablock — one leased, one Shell-owned — will also hit the market as Shell ceases its 75-year presence in Southside Place later this year.

The oil company had announced in 2008 that it would close the center and relocate its operations to other facilities. City of Southside Place sources said the exodus ought to wrap up by the end of November.

Listed a month ago, 3747 Bellaire Blvd. (above) is at the west end of the block that stretches from Braes Blvd. to Poor Farm Ditch.  The asking price was about $50 per sq. ft., Transwestern’s listing rep says. He had nothing to add about the buyer or plans for the property, which has 475 ft. of frontage on Bellaire and 300 ft. on Braes Blvd. It’s zoned (yes, zoned) for low-intensity mixed-use development. The transaction is expected to close by the end of the year.

CONTINUE READING THIS STORY

04/20/12 2:08pm



A 20-or-so-acre
piece of the 104-acre part-time parking lot across the South Loop from Reliant Park formerly known as AstroWorld has traded hands, a developer tells HBJ reporter Jennifer Dawson. But the buyer hasn’t identified itself, and Dawson couldn’t get any of the parties involved to tell her who it is (Dawson says she spoke to 15 people to report her story). Who owns the remaining 80 or so acres of the giant parcel on the south side of the South Loop, between Kirby and Fannin, at the end of the rail line? At last report, a partnership controlled by Fort Worth’s Mallick Group, who bought it in 2010 for $10 cash — and a willingness to assume the previous owner’s $74 million loan.

But a consultant who claims to be involved in redevelopment efforts on the property would only refer to the owner of the main portion of the vacant lot as “an out-of-state land investor” — who has now, she says, created a master plan for the site. Heather Schueppert tells Dawson that details of a proposed mixed-use project — probably combining office, retail, medical and hospitality components — will be revealed quietly in the next couple of months, but won’t be unveiled to the general public for at least a year.

CONTINUE READING THIS STORY

04/11/12 1:14pm

ARCO OFFICE GOING DOWN; DOWNTOWN HOUSTON CLUB BUILDING WILL STAY PUT Dismemberment of the former ARCO office building west of Eldridge at 15375 Memorial Dr. should begin sometime within a month or two, Catie Dixon reports. What will new owner Skanska USA do with the 21-acre site — rumored as a possible location for the new Phillips 66 headquarters? Skanska is currently hunting for an architect to provide a master plan, Dixon writes, “potentially with a couple of offices.” Meanwhile, the other pre-owned office building purchased recently by the Swedish construction firm appears safe from the wrecking ball: The company’s regional manager tells Dixon he expects to begin remodeling the Houston Club building at 811 Rusk St. downtown by the end of 2012. [Real Estate Bisnow; previously on Swamplot] Photo of Houston Club building: Silberman Properties

04/09/12 10:20am

The three buildings listed as 6204 Main St. lie not on the tree-lined block near Rice University, but rather its mixed-use counterpart on North Main. Asking $260,000, the property includes a vacant warehouse flanked by two homes, squeezed onto a quarter-acre in the Rodgers Park area, just south of Sunset Heights and 2 blocks from Metro’s Heights Transit Center.

The warehouse anchors the southeast corner of N. Main and E. 23rd. It’s in “poor condition,” according to the listing. The adjacent houses, meanwhile, are generating rental income. They date back to the late 1920s. The dimensions of every room are described as 10 ft. x 10 ft.

CONTINUE READING THIS STORY

03/22/12 12:27pm

THE DEEP RETAIL DISCOUNTS AT HOUSTON PAVILIONS Four years after its opening, the troubled Downtown mall-office complex known as Houston Pavilions may sell for $50 to $75 million below the cost of its construction. To avoid foreclosure on a loan valued at $130.7 million, the developers turned the property over to a receiver late last year; Transwestern is now marketing the project for sale. Offices are fully occupied, but the big problem is the 59-percent-vacant retail portion of the project, says Real Estate Alert: “More than half of the retail tenants haven’t been paying full rent because the overall retail occupancy rate remains below the prescribed threshold cited in their leases. A buyer could convert about 42,000 sf of vacant retail space into offices to exploit downtown Houston’s booming office market . . . However, a conversion of all the retail space isn’t an option, because doing so would make it impossible to meet the retail occupancy threshold necessary for the existing tenants to pay full rent.” [Real Estate Alert; previously on Swamplot] Photo: Flickr user cjt3

03/08/12 11:12am

The real-estate fund that’s owned the half-vacant strip center at the southwest corner of Westheimer and Montrose for the last 4 years has put the entire 2.86-acre block up for sale. On the site now: Half Price Books, Spec’s Liquors, Papa John’s Pizza, and the 3-6-9 China Bistro in a stuccoed-over 41,838-sq.-ft. building once known as the Tower Community Center (to match the Tower Theater, now home to El Real Tex-Mex, across the street). Also included: the standalone Jack-in-the-Box on the corner of Montrose and Lovett. No list price, but broker HFF is indicating “price guidance” of $10 million or higher.

The Art Deco building still lurking beneath was designed by architect Joseph Finger in 1937, 2 years before he completed work for Houston’s city hall. Here’s how the shopping center looked then-ish, with a Walgreens on the corner of Yoakum St.:

CONTINUE READING THIS STORY

02/24/12 12:17pm

A LONG GOODBYE FOR THE WOODLANDS MALL SEARS The Woodlands Mall location is among the 11 anchor stores around the country Sears announced it will sell to mall operator General Growth Properties. All of the stores will remain open until 2013; a closing date will be announced within the next several months. [Retail Traffic] Photo: City-Data

02/16/12 11:08pm

COMMENT OF THE DAY: WE JUST RUN THE NUMBERS “If you dig a bit deeper into the Milhaus proformas, what the developer is REALLY saying is that there won’t be retail because: 1. lenders don’t like it; 2. buyers don’t like it; 3. adding retail reduces my return on cost somewhat; AND 4. mostly because of #1 and #2, it kills my numbers. If you look at the overall return on cost (NOI/cost) you get 7.7% return on cost with retail vs 8.7% return on cost without retail. That’s a substantial difference, but not eye popping. If the Midtown TIRZ really wanted some retail in the deal, they could easily toss Millhaus a bone and bridge this 100 basis point gap with ease. The real problem, at least according to Millhaus (not that I disagree), is that the lenders and buyers treat mixed use differently. In the example comparison, Millhaus assumes the non-retail deal gets a permanent loan underwrittien to 1.25 DSC [debt service coverage] vs 1.30 DSC for the with-retail deal. This means a larger permanent loan upon completion for the no-retail deal (more cash in Millhaus pocket). He’s assuming lenders will get more aggressive on a apartments-only deal. He also thinks his eventual buyer will prefer a non-retail deal. He calculates the as-completed value using a 7.00% cap rate for the non-retail project, but uses a 7.25% cap rate for apartments+retail project. What he’s really saying is, ‘Don’t blame me for not including retail in my development. Blame the lenders and buyers.’” [Bernard, commenting on Nixing Milhaus Retail: Why These New Midtown Apartments Won’t Have Shops on the Ground Floor]