HOUSTON — Meyerland Plaza has been refinanced for $93 million, a move that could clear the way for a proposed two-story H-E-B grocery store at the center.
H-E-B Grocery Co. has been seeking a new location in southwest Houston since Hurricane Harvey destroyed its South Braeswood store. The grocer’s search intensified as it re-evaluates its footprint following storm damage and planned temporary closures elsewhere.
Located at the southwest corner of Loop 610 and Beechnut, Meyerland Plaza is a 950,000-square-foot retail complex that recently secured the refinancing through a loan from John Hancock Life Insurance Company. Built in 1957 and redeveloped about two decades ago by Ed Wulfe, the center houses several large retailers, including Bed Bath & Beyond, Marshalls, Best Buy and J.C. Penney.
The property is owned by a partnership between Bellaire-based Fidelis Realty Partners, led by Alan Hassenflu, and BlackRock Realty Advisors of New York. Several stores within the plaza experienced water damage during Hurricane Harvey in late August, and the BBVA Compass bank building—formerly Meyerland State Bank—was also affected and remains temporarily closed. Realty News Report has learned that the land around the BBVA Compass site could be folded into plans for the new H-E-B.
If the proposal proceeds, H-E-B would likely site the new two-story store on the west side of Meyerland Plaza, near the J.C. Penney and the BBVA Compass parcel along Endicott Lane.
In recent years H-E-B has actively pursued locations in southwest Houston but has shifted much of its focus to Inner Loop opportunities. With the South Braeswood store gone and the Bellaire store slated for temporary closure while a new two-story location is constructed there, the grocer now faces a significant service gap in southwest Houston. Customers who previously shopped at those stores must travel to alternate locations, including H-E-B’s Buffalo Speedway store north of West University Place.
Meyerland Plaza serves a substantial population: roughly 197,000 people live within three miles of the center, and about 508,000 live within five miles, figures that support strong market demand for a large-format grocery store.
H-E-B’s broader expansion pattern in Houston has drawn interest because the company has pursued sites inside the Inner Loop where it already operates multiple stores. For example, media reports indicated on August 8 that H-E-B contracted to buy a property at the northwest corner of West Alabama and Kirby, a site across from a Whole Foods Market. Those reports noted H-E-B also owns an undeveloped parcel near Shepherd and Richmond. Realty News Report did not independently verify the Kirby transaction referenced in the Chronicle’s coverage.
The refinancing of Meyerland Plaza was arranged by JLL Capital Markets team members Tom Fish, Jimmy Board and Molly Leinsdorf.