Development Summary
Project Description:
Raintree Commercial was approached by a bank to purchase this REO retail center that was barely cash flowing at 60% leased. We negotiated a "win-win" situation with the bank, raised $850K in 30 days, and closed on the property before year end. The following year we marketing the property heavily with attractive rates, and within 12 months had all 22,000 Square feet 100% leased. Currently we are in process of constructing a 35,000 SF retail center on the 2.1 AC behind the original buildings we purchased, and will be complete by November of 2013.
Phase One:
The bank was wanting the property off their REO books, and aggressively seeking a buyer/developer to run with the deal who knew the area well, and had the expertise to finish the job for a fully stabilized property. We certainly ran into several issues after the purchase including repairs on roofing, lighting, etc. Lease activity has been strong ever since, which is why we decided to expand in the back, which was originally meant to be congruous with our center.
Phase Two:
After purchasing the 2.1 AC in back, we began marketing aggressively again to find a lead tenant for this new 35,000 SF center. We found a group willing to take HALF and then had others willing to sign on remaining spaces knowing that the project was moving forward. At this moment before starting construction we are approximately 60% leased, with added activity everyday for more tenants such as: restaurants, dental, medical, etc.
Conclusion:
We took a chance on a struggling retail center in the hopes that our economy would turn around quicker than anticipated, especially being in the heart of Fort Bend County and one of the highest demographic regions in the nation for growth. Our investors are happy for the performance and should reap higher projected rates of return.
Development Summary
Project Description:
District West is a 150 acre mixed-use development at Peek and on the south side of Westpark Tollway (just inside the Grand Parkway I-99). This is large development owned by Corey Ferguson's family, and we are currently seeking Joint Venture Partners for speculative office buildings, retail facilities, and medical groups.
In Progress:
Activity picked up last year on the pad sites fronting FM 1093 (Westpark Tollway). We have several restaurants looking to acquire sites, as well as, other freestanding retailers looking for exposure in this high demographic area. Furthermore, a 15 AC apartment group, and 7 AC medical group are in contract now on the western side of Peek Road with construction to be starting in the fall.
Conclusion:
District West is the next largest mixed use site in the growth path at a major intersection (I-99 @ Westpark Tollway). The opportunities here are vast with huge upside potential, but requires a Join Venture Partner with enough cash to push the development to the finish line. Let us know if you have interest in discussing further. Much more information can be provided, and will require meeting with us to better understand the story.
Development Summary
Project Description:
Raintree Commercial identified an excellent hard corner 0.62 AC site on the south side of the 610 North Loop, just past Ella Blvd. The site is currently occupied and owned by a credit union who has been at this location for years, but has expansion plans nearby, and wanted to dispose of this asset as they were moving out to their new location. We decided that it would be a great retail facility site for 2-3 tenants, and we a tenant (Chipotle) in tow on the deal that would occupy approximately 26%.
In Progress:
We've finalized plans for Chipotle and we are aggressively marketing and pursuing other tenants to occupy the rest of the space, which we feel will lease rather quickly now that Chipotle is coming. We are projecting project completion to be finished by October 2013 and will have remaining space leased at our projected rates of $39 NNN.
Conclusion:
We had a great opportunity to build a new retail facility with excellent frontage on a major freeway in Houston, and we feel this development will only get better with time as Houstons Uptown District continues to expand.