October 15, 2009 – 3:13 pm
Updates on a few restaurants Swamplot has been following:
- Reopened: Azzarelli’s, an Italian-American restaurant that began the year in Cinco Ranch’s Tuscan-themed Villagio Town Center, then (after a notable exit) camped for a while (as Azzarelli’s Corner Café) in another center at 6455 South Fry Road, opened last week in its 4th location within just a couple of years: 17754 Katy Freeway, Suite B, I-10 at Barker Cypress. “With this great location, I will be open 365 days a year,” owner Frank Triola tells his press-release copywriter.
- Opening Soon: The restaurant going into the former Cue & Cushion pool hall at 510 Shepherd that Swamplot reported on earlier this fall now has a name: Branch Water Tavern — and a more palatable label than “gastropub.” Try “Modern American Tavern.” Chef David Grossman says it’ll open later this month, but the Houston Press’s Robb Walsh, who’s toured the construction site, thinks Christmas is more likely.
More eats:
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Read more about: 77007, 77008, 77094, 77494, Barker Cypress, Brunner, Cinco Ranch, Houston Heights, Openings and Closings, Retail
September 28, 2007 – 8:41 am
Everyone knows having money gives you a big advantage when you try to make money. But think about the advantage already owning real estate gives you when you’re trying to buy real estate.
Imagine a buyer bidding against a crowd of competitors on a pair of fully-leased West Houston office buildings—say, Parkview I and II:
“They’re not active buyers and they had a specific need with 1031 exchange money,” says Marty Hogan, associate director in Houston for Holliday Fenoglio Fowler LP. Texas is a non-disclosure state so he won’t discuss the sale price of the 333 Cypress Run properties, but local experts confirm that similar class B buildings are trading for $110 per sf to $120 per sf.
Hogan says the assets attracted 10 offers, with a partnership from Greenwich, CT ending up with the deal because it offered a short due diligence and certainty of close. “The buyers also had a large amount of equity and the purchase wasn’t contingent on financing.” Hogan tells GlobeSt.com. “Given the market at this time, they weren’t high-leveraged buyers looking to get 80% to 90% of the purchase price financed so that was appealing.”
Sure, a lot of cash in the transaction is going to be pretty attractive to a seller. But other aspects of 1031 exchange requirements—if the buyer knows that’s what you’re doing—give like-kind-exchange buyers a decided advantage in any market: The seller knows you’ve got time constraints to complete the deal. And that you’ll likely have to pay a lot of taxes if you can’t pull it off. You look like a sure thing.
Of course, if the seller knows that you have no other 1031-exchange options available and the terms of your deal aren’t fully worked out yet, that’s another story.
Photo: Parkview II
Read more about: 1031 Exchanges, 77094, Buying and Selling, Commercial Real Estate, Financing, Office Buildings, Real Estate Investing
