HOUSTON-A Los Angeles-based repositioning pro has acquired the 124,704-sf San Jacinto Plaza, putting up $3.3 million in cash for a 12%-leased shopping center in northeast Houston.

The new owner, BH Properties, will attempt to find a single user for an 80,000-sf box once leased to Kmart. If that doesn’t work, then the plan is to divvy the anchor space for multi-tenant use, Steve Bristol, senior investment adviser with Sperry Van Ness in Orem, UT, tells GlobeSt.com about a transaction that closed within 30 days.

Bristol says the 5607 Uvalde Rd. property, though never officially listed on the market, sold for $200,000 less than the asking price. He says there was competition at the negotiating table, but he believes his client’s offer for a quick close–with cash–was the decision-maker for the nine-year owner, Choice Group in Houston. He says BH Properties will spend at least $1 million to ready the asset for repositioning.

The center’s decline started in 2001 when the locally based Weiner’s shuttered a 16,500-sf store. Two years later, Kmart went dark. The center still has an 8,000-sf Family Dollar, 2,800-sf Payless Shoes and 4,727 sf filled by a local government office, hair salon and nail salon.

“The buyer was looking to invest in a retail property in a diversely populated area,” Bristol says in a press release about a property with a Harris County assessment of $2.4 million. In what he describes as an “ideally located property,” the 25-year-old shopping center is located directly across the street from San Jacinto College near the city’s ship channel. Bristol says BH Properties is actively looking to buy vacant big box properties and shopping centers in the US and Texas in particular.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2024 ALM Global, LLC. All Rights Reserved.