New owner of Steeplechase plans a ‘face-lift'
The Houston Chronicle reports: Houston-based Schreer Partnership Interests expanded its holdings with the purchase of Steeplechase Shopping Center from Weingarten Realty Investors and plans to polish it to attract national tenants.
The 194,000-square-foot center at Jones Road and FM 1960 West was developed by Weingarten in 1982 and is 76 percent leased. The price was not disclosed.
“Functionally, it's a great shopping center. It just needs a face-lift,” said Andrew Shreer, general managing partner.
The northwest Houston center is anchored by Palais Royal, 99¢ Only, Anna's Linens and Capital One Bank. Plans call for a new exterior facade and signage. About 50,000 square feet is available and the partnership is hoping to secure a tenant such as PetSmart or Office Depot to attract more shoppers. Lyle Cowand of WPW Management will lead the marketing effort.
Weingarten was represented by Rudy Hubbard and Leah Gallagher of Transwestern. The deal is one of only six large retail transactions to close in the Houston area so far this year as financing has dried up, Gallagher said. By comparison, 31 retail centers in the Houston area closed in the first half of 2008, according to Real Capital Analytics.
Weingarten was represented by Rudy Hubbard and Leah Gallagher of Transwestern. The deal is one of only six large retail transactions to close in the Houston area so far this year as financing has dried up, Gallagher said. By comparison, 31 retail centers in the Houston area closed in the first half of 2008, according to Real Capital Analytics.
View the full article on The Houston Chronicle: New owner of Steeplechase plans a ‘face-lift'
Posted by: Nina Turner