X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GALVESTON-Island Realty Partners Ltd. has contracted to buy the old Galvez Mall site for a retail redevelopment.

The Galvez Mall, which sits on 30 acres of land near the entrance to this island city, has been closed since 1996. Island Realty has proposed tearing down the old mall and developing a 300,000-sf power center with a home improvement store and other big box retailers. The site is along Interstate 45, just north of 61st Street.

The purchase of the property is nettlesome. The owner of the mall, Galtex Property Investors Inc., filed for Chapter 11 bankruptcy protection in September. In order to purchase the property, Island Realty Partners must get the court’s approval. A ruling by the bankruptcy judge is expected in about a month.

The abandoned mall has been viewed as an eyesore by city officials. The Galvez Mall had gone into a slide when its key anchor, Sears, had moved out in the early 1990s. Sears had relocated to the Mall of the Mainland near Texas City. Without Sears, the mall began to attract fewer shoppers and soon other retailers departed, making the closure of the mall a necessity.

The CB Richard Ellis firm has been marketing the property. Island Realty is a partnership of Randy Hall, the president of Houston-based Sonrisa Properties LLC, and Tod Ruble, president of Dallas-based Cambria Capital Corp.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.