Excitement and opportunity are swirling in Greenspoint, as one of the best redevelopment properties in the city, the Greenspoint Mall, finally hit the market.
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Opened in 1974, the 1.4M SF space quickly became a hub of commerce and potential. As the mall has aged, however, occupancy has sagged, losing retailers such as J.C. Penney, Montgomery Ward and Sears. While the mall weakened, so did Greenspoint’s once influential position in the industry and economy, highlighted most recently by Exxon’s move north to Springwoods Village and The Woodlands.
There has been no shortage of ideas of what to do next with the polarizing property, though until now the owner, Triyar Cannon Group, has been unwilling to part with it. But now Triyar Cannon has enlisted Colliers International’s Ace Schlameus to find a buyer. Ace declined to comment except to say that his team is working closely with the Greenspoint Redevelopment Authority and is getting a huge number of inquiries. The deal is Triyar Cannon’s second big listing in as many years; it sold San Jacinto Mall in Baytown to Fidelis Reality Partners last summer.
Greenspoint District president Greg Simpson, pictured above with Transwestern EVP/Greenspoint District board of directors chair Michelle Wogan and State Rep. Senfronia Thompson, tells us he’s extremely excited about what the potential sale and redevelopment could do for the District. He says a mixed-use property would be the best fit for the site and Greenspoint going forward. He cited the location, which provides connectivity to all the other major business centers in Houston, as well as the state-of-the-art IT infrastructure as some of the most valuable aspects for potential investors.
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