In the war against e-commerce, Americas's malls are on the front line. The latest casualty is Northwest Mall at the corner of 610 and 290. The 800K SF shopping center built in 1968 will close 45 of its 50 stores.
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The mall is closing all of its interior stores. Five stores with exterior entrances will remain open: The College Of Healthcare Professionals, Thompson Antique Center, Palais Royal, Post Oak Club and Chapa, the Houston Business Journal reports. Levcor bought the mall in 2007 for $19M. The property has been on the market since 2014.
SALES
Moody Rambin's Brent Fredricks and Bob Gulley repped The Zaidi Family Trust in the sale of 7810 Fairbanks - North Houston Road, a 24-acre tract in northwest Houston. The buyer was Jarrar Holdings, and the closing was held at Fidelity National Title by Debbie Barela and Crystal Robinson.
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Colliers International’s Jason Scholtz repped the seller, Birmingham Rail & Locomotive in the disposition of a 5K SF freestanding building at 5722 Fairdale in the Fountainview submarket.
LEASES
H MART, a major Asian grocery store, has signed on as a tenant at the 15.6-acre Katy Asian Town development at the northeast corner of I-10 and Grand Parkway, the Houston Business Journal reports.
DEVELOPMENT
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Construction is getting underway on the initial wave of fast food restaurants for freeway-fronting pad sites in Grand Morton Town Center. Taco Bell, McDonald's, Whataburger and Chick-fila-A will all be online by the end of the year.
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MetroNational will break ground this month on an eight-floor, 327-unit mid-rise apartment tower adjacent to Memorial City Mall. The project was designed by Ziegler Cooper Architects Residential and will receive development help from Slate Real Estate Partners, reports Realty News Report.
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Archway Properties broke ground on a new crane-served build-to-suit facility for ICOTEX in Conroe North Business Park. The new facility will include 7,500 SF of office and 62K SF of manufacturing warehouse space. The warehouse will newly employ 50-plus personnel.
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Pelican Builders plans to build a nine-story condo project near River Oaks. Named The Revere, the Kirksey-designed project will have 33 residencies priced between $1.6M and $2.9M.
FINANCING
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HFF arranged $65M in interim financing for the 308K SF retail component of CityCentre. HFF worked on behalf of the borrower, a partnership between Midway and L&B Realty Advisors, to secure financing through JPMorgan and First Tennessee Bank. The HFF team repping the borrower was led by Scott Galloway and Colby Mueck.
HIRES/PROMOTIONS
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Stephen Hazen and Kent Willis joined Marcus & Millichap’s Houston team.
THIS AND THAT
Bellows Construction won the 2017 Grand Award for Safety Excellence on March 8 at the Associated General Contractors of America’s national convention in Las Vegas. Bellows was also selected as the “Best of the Best” in Construction Safety Excellence among all of the nationwide entrants in 21 construction categories.
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Parmenter hosted a charity event called Over The Edge this past Saturday. Thrill-seeking philanthropists were tasked with raising money for the right to rappel down the 10-story office building Westchase Park Plaza. A grand total of more than $160K was raised benefiting Child Advocates and The Grace School.
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