02/18/10 1:28pm

Vespa-riding Montrosian Brittanie Holland is curious about two retail buildings in her ’hood recently dressed up for lease:

We live in the northeast part of the Montrose. I was sad when the Hyde Park Supermarket shut down (across from Ziggy’s on Taft and Fairview) because they sold St. Arnold’s and Mexican Coke and were within walking distance. Plus the Pakistani (?) guys who worked there were so nice and knew me by name. Back when Ziggy’s was BYOB having the store there was, well, convenient.

The building has been vacant since summer but over the past few months workers have painstakingly removed all the original brick, refurbished the structure and the rebricked it with most of the original brick. It’s kind of an interesting mid-century building — it looks like it might once have been a garage, and there is a sign for business lease outside but I can’t believe the owners would do all that refurbishing without a [tenant] in mind. This is right down the street from Boheme and the new Deans, and has ample parking, so maybe they’re hoping to draw some similar high-brow ventures? Is Midtown continuing it’s fast encroachment on my filthy Montrose? (We’ll always have Lola’s. Hopefully.)

The other building probably needed a much more extensive cleaning:

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02/09/10 10:24am

THE SUBURBAN COMMERCIAL REAL ESTATE BUST IS KIDDIE PARADISE With the tens of millions of square feet of vacant commercial real estate lining our roadways out in the ‘burbs, I am seeing a glut of “bounce houses.” Combine free or reduced rents, low start-up costs and thousands of laid-off middle and upper management types reaching career endpoints due to layoffs, I think we are experiencing a new economic bubble.” [Lou Minatti] Photo: Monkey Joe’s

02/04/10 11:13am

Private security guards were stationed outside the premises of the St. Agnes Missionary Baptist Church south of the Loop yesterday, and an attorney for the bank that owns the property confirms to Fox 26 reporter Isiah Carey that the church has closed. The guards were originally under orders from Herring Bank not to allow anyone to enter or remove any furniture or equipment from the church building off Scott St. near Sims Bayou. However, bank attorney Dwight Jefferson told Carey late last night that

church workers have been given approval by the bank to remove certain personal items and belongings from the building. Just to make sure that’s all they take security guards outside the building are also video taping all activities.

What’s all the fuss?

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01/15/10 10:47am

RESTAURANT-GARAGE COMBO ON WESTPARK PUT ON HOLD Some unspecified “complications” in continuing negotiations have stalled plans for a brand new 2-story Molina’s Restaurant and parking garage on a West U-owned lot on Westpark, between Wakeforest and Dincans streets, a city council member tells reporter Angela Grant. “The building would have included a parking garage for Goode Company Seafood, which currently leases the land for its parking lot. Goode Company pays West U. about $4,300 per month for rent. The agreement expires in just over three years. The terms of the agreement with [developer Mike] Gallagher provided for a 15-year primary lease, with options for five more 5-[year] renewals. The Molina’s rent would gradually increase from $7,000 per month to $15,373 per month.” [Instant News West U]

01/08/10 4:27pm

HOUSTON REAL ESTATE DOWNTURN: GREAT FOR STRIP CENTERS AND FAST FOOD JOINTS Who’s benefiting from Houston’s not-so-go-go commercial real estate market? “‘Cell phone stores are still doing well, and still want to open up new stores,’ [Riverway Retail retail broker Jake] Baker points out. ‘We’re also seeing companies like Edward Jones looking for, and getting good retail space.’ Edward Jones? Well, yes. ‘When you start to see your bank account shrinking, you want to start being conservative with your money,’ Baker says. ‘This is an ideal place for the Edward Joneses to expand and take a lot of retail space.’ Baker and [Weitzman Group senior VP James] Namken say that another category of tenant expansion is the franchisee. ‘With the economy so poor, people have been laid off, and are interested in starting their own businesses,’ Namken explains. ‘Many of them want to become franchisees. That’s where most of the growth has been recently, and will likely continue to be.’” [Globe St.]

01/04/10 4:26pm

And now the official announcement of “what everyone already knew” about the new River Oaks Shopping Center: That second-story space with the overextended (and intensely negotiated) porte-cochere facing onto Shepherd is slated to be a third Américas restaurant. Weingarten Realty reports that Michael Cordúa will open a 9,150-sq.-ft. West-Gray-and-Shepherd version in the fall of this year, featuring an elevated bar area and private event spaces. Cordúa will work again with Cheesecake Factory stylist Jordan Mozer to design his 7th local restaurant. Tony and Jeff Vallone backed out of plans to open a restaurant named Il Tavolo in the same location one year ago.

Photo of River Oaks Shopping Center: River Oaks Examiner

12/23/09 3:27pm

Who was it again that bought the West Oaks Mall out of bankruptcy earlier this month, for the bargain price of $15 million? Just an L.A. investment group called Pacific Retail Capital Partners. That firm’s principals, then with a company called Somera Capital, are the same people who sold the 1.1-million-sq.-ft. mall at Westheimer and Hwy. 6 in 2005 to Investment Partners of America, the “investment” vehicle of high-rolling 1031 Exchange king Edward H. Okun, after a quick 2-year spiff-up.

Okun paid Somera $102 million. Yes, that Edward H. Okun.

This time, the mall’s a whole lot cheaper, but it’s not in such good shape, either. Mervyn’s and J.C. Penney are gone. The rest of the mall is at 60 percent occupancy. “Over the past couple of years, several tenants tried to renew,” Somera Capital’s (and now Pacific Retail’s) Stephen Plenge tells Globe St., “and no one would return their phone calls.” The new owners say the Mervyn’s wing is likely to be redeveloped.

Photo of West Oaks Mall visitors: Joel Barhamand

12/14/09 11:46am

“The former six-screen AMC movie theater at 1100 Greens Parkway” just north of Beltway 8 at Ella, reports Nancy Sarnoff, “is becoming convention space that will house the International Faith Based Business Expo and the Vision Changers Performing Arts Christian Center.”

Photo: LoopNet

12/04/09 1:19pm

City officials are discussing a possible sale of the former basketball stadium now occupied by the nation’s largest megachurch, reports the Chronicle‘s Nancy Sarnoff. When Lakewood Church took over the Compaq Center (formerly the Houston Summit) from the city in 2001, the institution prepayed the entire $12 million rent amount of the 30-year lease, and spent considerably more than that on renovations. The city won’t see any more income from the property for 22 years. According to the agreement, Lakewood has the option of extending its lease for a second 30-year period, for $22.6 million.

How much could the city get for the little church by the Southwest Freeway?

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11/06/09 8:13pm

Lauren Meyers, archivist of would-be Houston, digs up an earlier plan for a building at 4500 Bissonnet, on the corner of Mulberry St. in Bellaire. That’s the vacant property long in the possession of legendarily delinquent Wilshire Village landlord Jay H. Cohen, where Matt Dilick, the man who now apparently controls it, is planning to build a 2ish-story stucco mild-West meets retail-Tuscan strip center and sell off the rest of the land.

Back in 1946, Cohen’s father, who had developed the Wilshire Village Apartments on West Alabama and Dunlavy 6 years earlier, planned a 122-home subdivision on the 30-acre strip between Avenue A (now Newcastle St.) and Mulberry St. with a partner. And at the southern end of the property, facing Richmond Rd. (now Bissonnet St.), a sweeping, low-slung modern structure spanning Howard St.: the Mulberry Manor Community Center, designed by Houston architects Lloyd & Morgan.

Meyers quotes a Houston Chronicle report from September 1, 1946:

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11/03/09 10:15am

Let’s see . . . there was today’s planned foreclosure auction for Wilshire Village. What else does Matt Dilick of Commerce Equities have going on?

Swamplot’s neighborhood correspondent for Bellaire reports on Commerce Equities’ proposed development on one portion of a couple of long-vacant tracts at the northeast corner of Bissonnet and Newcastle:

The plots of land at 4400 and 4500 Bissonnet, between Newcastle and the Centerpoint service center, are being cut up and sold. . . .

Evidence of surveying and subdivision in recent weeks has recently given way to signboards indicating that the north third of the open land at 4500 Bissonnet will be cut up into six residential lots while the two-thirds fronting Bissonnet is reserved for commercial. The next block over, across Howard Street, commercial space is being developed to open before April of 2010. According to flyers on broker David Nettles’s website, approximately 62% of the 20,000-some-odd square feet of office space is still available.

But the two parcels — totaling almost 4 acres — have more of a connection to Wilshire Village than just the involvement of Dilick.

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10/07/09 4:57pm

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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09/23/09 6:45pm

COMMENT OF THE DAY: APARTMENT MODEL SHOWINGS “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]

09/21/09 3:00pm

TAKING MORE THAN HALF OFF AT THOSE APARTMENTS WITH THE FRENCH QUARTER LOOK 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]

09/18/09 11:56am

ALL THOSE NEW ENERGY CORRIDOR OFFICE BUILDINGS “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]