As the retail sector grapples with challenging times, NewQuest Properties Investment Sales Group has closed the sale of the 99%-leased Chimney Rock Bellaire Shopping Center in southwest Houston for significantly more than its asking price.
The two-building shopping center, totaling 23,217 sf, is situated at 6720 Chimney Rock Rd. and 5504 Bellaire Blvd. in the heart of Bellaire, one of Houston's premier neighborhoods.
"This is a great property in a great location. I've only had one other sale close over list in my 25-year career," says Kelley Workman, vice president of Houston-based NewQuest, who represented the seller, F6 Properties.
The NewQuest listing drew nine offers in a 40-day marketing period, with JCV Capital Inc. placing the winning bid. Chimney Rock is the local investor's first retail acquisition. Tony Luk of LYT Realty Inc. represented the buyer, a restaurateur with a portfolio of dining establishments and residential rental properties. Rose Chen of Pioneer Bank provided the acquisition loan.
Chimney Rock was under contract before the widespread outbreak of coronavirus in the U.S. and subsequent business curtailments. "Every tenant has renewed and paid their rent for April," Workman says. "It's the location that makes that possible."
Tucked into an urban infill pocket, Chimney Rock is located across the street from Bellaire Triangle Center, an upscale retail landmark for the past half century. In the five-mile trade area, there are 541,505 residents, 17.4% of who earn at least $150,000 per year.
Situated on 1.02 acres, Chimney Rock was developed in phases in 1990 and 2012. The pair of single-story buildings features updated glass storefronts and Austin stone accents. Anchor tenants are The Mays School, Green Restaurant and Speedy Cash. Buoyed by a historically high occupancy, the center's only vacancy at sale time was a 300-sf suite.
The just-sold property is one of six that Workman is marketing for F6 Properties, which is consolidating its real estate portfolio.
"I knew this one would close first. It's difficult to get deals closed at this point in time," Workman says," but a project like Chimney Rock stands on its own merit. We had at full-price offers as a backup so the buyer was highly motivated."
SOUTH TEXAS SALE
F6 Properties has sold the 23,217-sf Chimney Rock Bellaire Shopping Center at 6720 Chimney Rock Rd. and 5504 Bellaire Blvd., Houston, to JCV Capital Inc. Kelley Workman, vice president of NewQuest Properties represented the seller. Tony Luk of LYT Realty Inc. represented the buyer.
SOUTH TEXAS LEASE
Kumon Math & Reading Center has leased 1,200 sf of retail space in the Grand at Aliana, located at the intersection of TX 99/West Grand Parkway S and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David Myers represented the landlord. David Anderson of Walzel Properties represented the tenant.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
