Tag: Leasing

Apartments
09/15/09 10:11am

In and Around the New North Montrose Whole Foods

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Commercial Real Estate, Land Development, Leasing, Montrose, North Montrose, Proposed Developments, Retail
28 Comments

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

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Apartments
08/21/09 7:37pm

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

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Comments, Crime, Fraud, Leasing, Quicklink
2 Comments

COMMENT OF THE DAY: I WAS A SCHMUCK FOR MICHAEL B. SMUCK “. . . 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]

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Houston Heights
08/20/09 11:28am

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

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Leasing, Nightlife
18 Comments

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

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1031 Exchanges
08/11/09 11:54am

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

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Alief, Buildings for Sale, Commercial Real Estate, Foreclosures, Fraud, Leasing, Malls, Retail
4 Comments

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?

CONTINUE READING THIS STORY

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Commercial Real Estate
08/06/09 2:36pm

Alabama Bookstop Stop Date: September 15th

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Historic Preservation, Leasing, Openings and Closings, Renovations, Retail, Shopping Centers, Strip Centers
24 Comments

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?

CONTINUE READING THIS STORY

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Galleria
07/27/09 5:15pm

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

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Leasing, Openings and Closings, Restaurants, Strip Centers
11 Comments

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

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Houston Architects
07/10/09 1:19pm

Main Street Theater Reaches the Renovation Stage

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Institutional Buildings, Leasing, Proposed Developments, Rice Viillage
2 Comments

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.

CONTINUE READING THIS STORY

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Galleria
07/08/09 4:25pm

Centre at Post Oak: Holding Steady

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Leasing, Parking, Real Estate Marketing, Shopping Centers
6 Comments

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?

CONTINUE READING THIS STORY

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Camp Logan
07/07/09 12:04pm

Spec’s Developments on Washington: The Full Court Press

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Development Restrictions, Leasing, Neighborhood Disputes, Retail, Schools
20 Comments

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:

CONTINUE READING THIS STORY

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Crime
07/06/09 12:38pm

Massage Studios of Ill Repute

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Leasing, Openings and Closings, Quicklink
9 Comments

MASSAGE STUDIOS OF ILL REPUTE 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]

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Downtown
07/01/09 8:48am

Houston Pavilions Goes Office

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Leasing, Mixed Use, Office Space, Retail
5 Comments

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?

CONTINUE READING THIS STORY

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Commercial Real Estate
06/25/09 12:36pm

All That Empty Retail on South Shepherd: A Drive-By Photo Tour

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Leasing, Montrose, Retail, Shepherd Curve, Shepherd Square
24 Comments

Armed with a camera, two enterprising Swamplot readers set out to document the retail carnage along South Shepherd, between 59 and the Shepherd Curve:

The sheer number of businesses that have disappeared along Shepherd in 4 months has been stupefying. This is with a large, new, empty Weingarten development at one end …and the chronically empty Shepherd Plaza at the other. Hell, we have gone from 4 Starbucks to 3!!

That’s a 25 percent reduction in mocha lattes alone. How about in some of the other sectors?

Granted, there have been some new businesses, a Hallmark store, a dance studio, and something seems to have filled the lingerie place at Welch and Shepherd, but the vacancy rate now stands at 22%!!! We counted 172 retail “units” and found 37 of them to be empty. As recently as February, I remember only about a dozen vacancies.

What are the sights?

CONTINUE READING THIS STORY

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Commercial Real Estate
06/24/09 1:52pm

Coming Soon to the River Oaks Shopping Center

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Leasing, Openings and Closings, Restaurants, Retail, River Oaks, Shopping Centers
57 Comments

Writing in the River Oaks Examiner, Cynthia Lescalleet has a few updates on the River Oaks Shopping Center. Here’s what Swamplot has pieced together:

  • That well-trafficked space across the atrium from The Gap on the south side of West Gray will soon have a new tenant. Yes, this is the spot previously occupied by clothing retailer Harold Powell (whose parent company, Harold’s Stores, declared bankruptcy in November). Before that, it was occupied by M. King Interiors (which skipped out in the night a few years earlier, according to reports), before that Mesa Restaurant (ditto), and apparently way before that a restaurant called XIT. A new 6,200-sq.-ft. Mutual of Omaha Bank will be moving into the space soon.
  • Meanwhile, across the street, Barnes & Noble will be opening in its brand hulking new building around October 1st.

What else?

CONTINUE READING THIS STORY

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Openings and Closings
06/15/09 4:58pm

Signs of Retail Life at the Corner of Kirby and Richmond

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Restaurants, Retail, Shopping Centers, Strip Centers, Upper Kirby
21 Comments

A reader sends in a pic of the action at the renovated but long-suffering strip center at the southwest corner of Kirby and Richmond, which looked to be getting awfully lonely again after the departure of its lone tenant, Hue Vietnamese restaurant, in March.

But Hue is back as Kata Robata Sushi and Grill, and that white banner on the opposite leg indicates that the Dessert Gallery has moved in. Off camera, to the right, signs announce that the endcap is slated for a Texas Community Bank, but our reader reports seeing no sign of any money inside.

Photo: Swamplot inbox

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Apartments
06/11/09 12:10pm

Comment of the Day: Kicking Back on Washington Ave.

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Comments, Leasing, Quicklink, Renting, Washington Corridor, West End
No Comments

COMMENT OF THE DAY: KICKING BACK ON WASHINGTON AVE. “I live in the Core (since October 2008), and I’m certain that there are no plans to extend this complex across the street. The Core is a great place to live, but like every other large inner city complex, they’ve been slow to fill vacancies here. With that said, it would be foolish for them to even consider expanding. The last I heard, there were plans to put a small two story shopping strip there similar to the one on the other side of the Core. Still no solid plans though from anyone. By the way, if anyone wants to live here in the Core, put me as a reference and you and i both will get cash back.” [Hector Garcia, commenting on Washington Ave.: Extending The Core?]

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