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Mab

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    River Oaks District: Mixed-Use Development At 4444 Westheimer Rd. & 4702 Westheimer Rd.

    in River Oaks/Upper Kirby/Greenway Plaza/Bissonnet

    Posted

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    JPMorgan Asset Management has purchased Houston's posh mixed-use complex, River Oaks District, in a partnership with the property's developer, according to sources familiar with the deal.

    The cash transaction was more than $550 million, according to a source, a high price for the Inner-Loop shopping, office and apartment development and one that demonstrates the resilience of Houston's retail market amid an economic slump due to collapsing oil prices.

     

    While the city's office market has been hammered by energy's decline, retail real estate is still benefiting from population gains and lower gas prices, according to a recent report from CBRE Group, a commercial real estate firm.

    "The sheer size of the market has captured the attention of retailers, placing Houston as their third most sought after market for expansion behind New York and Los Angeles," the report stated.

    Still, CBRE warned that by the end of the year or early 2017, retail sales could soften as more high-paying jobs are lost.

    OliverMcMillan, the San Diego-based real estate firm that developed River Oaks District, retained an ownership stake in the property and a management role in the partnership, sources said.

    The seller was an entity including OliverMcMillan and Baupost Group, a Boston-based hedge fund. OliverMcMillan also had a $150 million loan on the property from Bank of America, according to property records filed in Harris County.

    OliverMcMillan and JPMorgan declined to comment.

    Such sales of properties aren't uncommon after the developing process is finished, said Ed Wulfe, longtime real estate developer and chairman and CEO of Wulfe & Co.

    "It happens often and I think the bottom line is this is just ensuring the financial stability of the project with a major financial institution, which again protects the viability of the project," Wulfe said.

    Those changes typically don't affect retail tenants. Essentially, a landlord change may be the only impact they'll experience, and in this case, the original developer is still involved the project.

    River Oaks District spans 14 acres at 4444 Westheimer, just inside the West Loop. The project, some 10 years in the making, opened last fall with some of the world's top luxury brands, including Cartier, Dior, Hermes and Tom Ford. A slate of restaurants have or will soon open, including French bistro Toulouse Café and Bar, Taverna, Steak 48, Le Colonial and Hopdoddy Burger Bar from Austin.

    Several River Oaks District retailers and their representatives contacted by the Chronicle declined comment on the purchase

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    http://www.chron.com/business/real-estate/article/River-Oaks-District-fetches-550M-plus-in-cash-7973054.php

    • Like 2

    The Heights Restaurant And Bar Scene - More Coming

    in The Heights

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    Houstonians familiar with King's Biergarten & Restaurant in Pearland will tell you they go there as much for the lively experience as for the Austrian/German food.

    Owners Johann "Hans" Sitter and his son, Philipp Sitter, have managed to create a playful establishment that combines theater with live music and spaetzli (dumplings), liters of beer and Liptauer cheese spread.

     

    The family is now ready to grow and will debut King's Bierhaus at 2044 East T.C. Jester.

    After five great years serving the Pearland community, my father and I are excited to embark on our first expansion project in the Houston Heights to better serve our loyal fans in Central Houston," Phillip says. "We looked at several neighborhoods inside the Loop, but we landed on The Heights because we feel our concept -- which will include a large outdoor area -- will be best received there. Once we did our due diligence, we knew we had found the perfect location for our new concept."

    Philipp's father, Johann, emigrated to Texas from Austria in 1994. In 2009, he converted a carwash into a quaint, 45-seat restaurant with just eight employees. Two years later, King's Biergarten is now a 350-seat beer garden, entertainment venue and eatery with 60 employees.

     

    For a city whose restaurateurs routinely open second and third locations in quick succession, Johann has taken a conservative route. Instead of immediately expanding his restaurant to Houston's Inner Loop, he's waited until now, when a 15,000-patron month is common at his Pearland site.

    Look for the second location to open sometime this winter.

    http://www.chron.com/neighborhood/pearland/business/article/Pearland-Kings-Biergarten-houston-heights-bierhaus-7735953.php#photo-10106726

     

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    • Like 2

    Brookhollow Marketplace At 4500 Dacoma St.

    in Other Houston Neighborhoods

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    HOUSTON – Exxon Mobil’s abandoned Brookhollow campus near the intersection of Highway 290 and Loop 610 has been sold for what could become a major retail development in the close-in northwest Houston realty market.

    The strategic 24-acre property was sold by the energy company to a partnership affiliated with Houston real estate investor Khaled Salem of Williamsburg Enterprises and Alan Hassenflu of Fidelis Realty Partners.

    Since launching Fidelis Realty Partners in 2003, Hassenflu has built his Houston-based company into one of the leading retail center development firms in Texas with major projects including Meyerland Plaza and Baytown’s San Jacinto Mall.

    The Exxon Mobil campus, at the intersection of Highway 290 and Dacoma Street, was one of several Exxon sites abandoned after the energy giant built its new 3 million square-foot campus on the north side of Houston, a few miles from The Woodlands.

    The site, formerly known as the Exxon Mobil Brookhollow facility, has three old Exxon office buildings and some other structures. It is located just outside Loop 610. JLL represented Exxon Mobil in the sale.

    The Exxon Mobil Brookhollow property is near the site of a proposed bullet-train station and the 1960s-vintage Northwest Mall. Although it is not far from The Heights, the Brookhollow area does not match the upscale demographics that Fidelis enjoys at its Meyerland Plaza, near Bellaire.

    When the Brookhollow property was listed for sale in 2014, some had optimistically speculated that it would fetch as much as $40 million. But that was when oil was over $100 a barrel – before the rapid decline to $40 a barrel dampened the Houston real estate market and dented the local economy. The ultimate sales price was around $11 million.

    Exxon Mobil fared much better with the sale of its 35-acre Exxon Mobil Chemical campus in the Energy Corridor which sold to Third Palm Capital for $75 million before the oil price collapse.

    About three years ago, Exxon Mobil’s skyscraper at 800 Bell in downtown Houston was purchased by Shorenstein Properties for $50 million for a redevelopment that has been put on-hold till the office market improves

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    http://realtynewsreport.com/2016/05/18/exxon-mobil-brookhollow-campus-sold-for-possible-retail-redevelopment/

    • Like 1

    33 1/3 @ Thirtyfourth: Retail Center At 1717 W. 34th St.

    in The Heights

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    Today’s Sponsor of the Day post introduces 33 1/3 @ Thirtyfourth, a 2.5-acre retail development coming to Garden Oaks and Oak Forest. Thanks for supporting Swamplot!

    Wasn’t somebody telling us a while back that Oak Forest lacked retail excitement?Well, take a look at what Crescere Capital Management is announcing todayfor the intersection of 34th St. and Ella Blvd., where each day close to 50,000 cars pass by, on their way to and from Garden Oaks and Oak Forest: a 29,000-sq.-ft. (or so) multi-tenant retail center on the southeast corner.

    The project’s (uh, record-setting) name is 33 1/3 @ Thirtyfourth. The design team is being led by architects Peter Merwin and Ted Rubenstein of the Houston office of Gensler. Broker Tony Armstrong of leasing firm A. A. Armstrong will be working to fill up the new development. Crescere’s Chris Hotze is probably best known to GOOFers as the developer (and still the owner) of The Shops at Oak Forest a few blocks north at 43rd St., which is home both to Plonk! and a Starbucks drive-thru.

    What kind of retail is going to go in at 33 1/3 @ Thirtyfourth? Hotze says his team has “reached out to the neighborhood to find out what they are looking for.There are certainly tenants looking to go into a high caliber center, and that is the market segment that we seek to fill.” Merwin says he sees it as a “neighborhood center with hip, ‘aspirational’ retail . . . a place where parents, children, and neighbors connect with their community on a daily basis.”

    Construction is scheduled to begin in January 2017.

     

     

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    http://swamplot.com/wp-content/uploads/2016/05/33-1-3-site-plan.jpg

    • Like 3

    Studemont Junction Multifamily

    in Going Up!

    Posted

    From the brochure phase 2 is still a go!

    Quote

    Phase 2 of the develoment will entail construction of a unique 400 upscale unit multi-family housing unit that will reinforce the urban character of the site and will encourage heavy pedestrian activity along the corridor

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    Central Square At 2100 Travis St.

    in Midtown

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    Another 5,100-square-foot spot is in the works in Midtown in the Central Square office redevelopment at 2100 Travis, according to the Weitzman Group.

    The locations, which will have a lifelike replica of an acacia tree, which symbolizes life and nourishment, and a central stone oven as a focal point, are planned to open later this year.

     

    http://www.houstonchronicle.com/business/real-estate/article/Real-estate-transactions-7407956.php 

     

    http://www.malawispizza.com/

    • Like 3

    George R. Brown Convention Center Redevelopment, Office Building & W Hotel

    in Going Up!

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    A SIGN ZIP-TIED onto the fence around the parking lot at 1836 Polk St. is currently announcing an application by FreeRange Concepts to sell mixed drinks at the spot.  Up in Dallas, the company operates bar-slash-bowling alley Bowl & Barrel, bar-slash-dogpark Mutts Canine Cantina, restaurant-slash-music-venue The Rustic, and slashless restaurant The General Public. Houston locations of Bowl & Barrel and The General Public are currently under construction in CityCentre.

    It’s unclear whether FreeRange has cast the Polk location for a sequel to one of its existing brands, or for something new. The TABC notice is posted on the full-block parking lot bounded by Jackson, Hamilton, and Bell streets just east of 59and just south of the George R. Brown Convention Center. That block has previously appeared in the convention center’s 2025 Master Plan, as a site ofpossible future expansion:

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    http://swamplot.com/bowling-and-dog-park-restauranteurs-look-to-serve-drinks-in-a-downtown-parking-lot/2016-04-27/

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    The Galleria Mall At 5085 Westheimer Rd.

    in Uptown and Galleria Area

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    he Galleria plans to build an attached 30-story luxury hotel and residential tower despite increasing competition for high-end retail and a slowing energy economy that has dampened demand for high-end lodging across the city.

    The proposed tower, with 225 hotel units and 75 to 100 condominiums, would be the culmination of an ongoing redevelopment program at the 46-year-old shopping mecca, David Contis, president of Indiana-based ownerSimon Malls, said Wednesday. It follows a series of multimillion-dollar investments that has revamped the luxury end of the mall and added a new stand-alone structure for high-end dining and retail dubbed "the jewel box."

     

    "This tower is the last piece of the puzzle," Contis said. "The property will continue to densify, as there is a lot of demand for luxury condos and hotels."

    He said he was not concerned about the current downturn hurting "the crown jewel of retail" in the long term.

    "If you look at our investment in Houston, it's a long-term investment," Contis said. "We aren't building something for tomorrow or the next quarter. The economy will ebb and flow, but at the end of the day, we are investing in the future."

    However, a report earlier this year found the sharp declines in crude oil prices have struck the local hotel business even as many hotels are opening or being built. Randy McCaslin, managing director of CBRE Hotels, found that the Energy Corridor, the Galleria, downtown and The Woodlands would be hit hardest.

     

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    http://www.chron.com/business/real-estate/article/Galleria-plans-a-tall-addition-7233265.php#photo-9763625

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