HOUSTON-Houston-based WestHy Ltd. has obtained a 15-year loan for a land buy, secured by a long-term ground lease for H-E-B Central Market in the Galleria submarket. State Farm Investments of Bloomington, IL is providing the financing, the amount of which is being kept hushed.
The 78,000-sf Central market, which opened in June, is located at the intersection of Westheimer and Weslayan. Harry D. “Buddy” Hopson, Jr., senior vice president of Kinghorn, Driver, Hough & Co., a Houston-based independent mortgage banker arranged the financing for WestHy. Hopson says he used State Farm Investments because it has “a longstanding commitment to the Houston real estate market.” The loan carries a 15-year amortization, says Hopson. Central Market now stands on land once occupied by office buildings and an apartment complex.
H-E-B has pioneered Central Market concept stores in its hometown of San Antonio, as well as Dallas, Austin and Houston. The upscale grocery venue features epicurean and specialty brands in a European full-view open market. Central Market’s also boast drive-through windows for customers on the go.