Bellaire Boulevard Shopping Center Sold — What Buyers Paid
This Houston retail center has been sold.
HOUSTON – (Realty News Report) – JVC Capital has purchased the Chimney Rock Bellaire shopping center located at the northwest corner of Bellaire Boulevard and Chimney Rock Road.
NewQuest Properties’ Investment Sales Group announced the closing of the sale of the nearly fully leased Chimney Rock Bellaire Shopping Center in southwest Houston, with the final price coming in well above the asking amount.
The two-building retail center totals 23,217 square feet and sits at 6720 Chimney Rock Rd. and 5504 Bellaire Blvd.
“This is an excellent property in a prime location. In my 25-year career I’ve only had one other sale close above list,” said Kelley Workman, vice president of Houston-based NewQuest, who represented the seller, F6 Properties.
The NewQuest listing generated nine offers during a 40-day marketing period, and JVC Capital Inc. submitted the winning bid. This acquisition marks the local investor’s first retail purchase. Tony Luk of LYT Realty Inc. represented the buyer, a restaurateur with a portfolio that includes dining venues and residential rental properties. Rose Chen of Pioneer Bank arranged the acquisition financing.
The property went under contract prior to the widespread COVID-19 outbreak and the associated business restrictions. “Every tenant has renewed and paid their rent for April,” Workman added. “The location is what makes that possible.”
Located in an urban infill area, Chimney Rock sits directly across from Bellaire Triangle Center, a neighborhood retail landmark for more than 50 years. Within a five-mile trade area there are roughly 541,505 residents, and 17.4% of them earn $150,000 or more annually.
Set on 1.02 acres, Chimney Rock was developed in phases in 1990 and 2012. The single-story buildings feature updated glass storefronts and Austin stone accents. Anchor tenants include The Mays School, Green Restaurant and Speedy Cash.
