A 3,300-sf restaurant, positioned on 40,000 sf of land, has traded to JAPA LLC, a Houston dental clinic operator who intends to scrape the site and raise a 12,000-sf shopping center at the corner of Woodforest Drive and Uvalde Road in the eastern sector, Gus Lagos, vice president in Houston for Grubb & Ellis Co., tells GlobeSt.com. The dental clinic will fill half the center and rent the balance. The center, selling for about $500,000, was marketed at $525,000.
Lagos says plans are just now being worked up for the all-cash buy, the first in the Burger King package to be razed. The remainder of the portfolio, developed in the 1970s and early 1980s, were or are en route to repositioning. The Miami-based Burger King traded in the vintage sites for new ones in most cases, Lagos says.
Three weeks ago, a 2,622-sf building, also on a 40,000-sf tract, sold to Issara Mac and Theavy Hok of Houston for conversion into an Asian restaurant. The 1675 Highway 35 property in Alvin was on the market for $325,000 and sold for close to $300,000, according to Lagos. Arnold A. Armstrong Jr. with AA Armstrong Real Estate in Houston represented the buyer.
In recent months, a 3,300-sf building on 40,000 sf of land brought $700,000 along Kingwood Drive, Lagos says. All he can say about the buyer is it's a national beverage chain planning a retail store. Burger King's prior sales were similarly-sized buildings and tracts at Gears Road and Veterans Memorial and Jones Road in Jersey Village.
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