The Village: Irreplaceable Center Sold

In Houston, A key property that holds a vital position in sustaining the walkable nature of The Village district has been sold.

Located near the southwest corner at the intersection of Rice Boulevard and Morningside Drive the 2-acre property includes a 1950-vintage retail center and 28,500-SF of office space.

The Colliers real estate firm had been marketing the property, which is just west of Rice University, in recent months. A number of would-be buyers had expressed interest, including developers who were interested in demolishing the existing buildings and constructing high-rise residential.

The demolition of the vintage retail could have delivered a damaging blow to the walkability and historic charm of The Village district.

However, the property has been purchased by Fifth Corner, a Houston real estate firm that focuses on “premier urban retail and multi-use assets.” The company’s trademarked slogan is: “Great Things Happen on Irreplaceable Corners.”

In Tenel Tayar, managing partner of Fifth Corner, said demolition and high, rise construction is not planned by his company.

“We intend to renovate the existing retail,” Tayar said. “We are still working on the renovation plans.”

Existing tenants include Torchy’s Taco’s, Van Jewelers and Salento Bistrot. The property has 200 parking spaces, including rooftop spaces and, as drivers know, parking is a critical issue in The Village.

The seller was affiliated with the Appelt Co., which was founded by Mr. Les Appelt, who was a major figure in Houston real estate. He was a leader in the Houston brokerage firm previously known as Appelt, Womack, Ricks, Herder & Parsley, which later became Colliers.

The Appelt family was “very conscious about the neighborhood” as various would-be buyers considered buying the property, said David Carter, one of the Colliers brokers handling the sale.

“This transaction represents a landmark opportunity in Rice Village, a submarket with exceptional demographics, walkability, and long-term growth potential,” said Carter. “We’re excited to see how the next chapter of this property’s story will further enhance one of Houston’s most iconic retail and lifestyle destinations.”

The seller was also represented by Pat Duffy, Chip Nash, Bob Heard, and Jaleel Adatia of Colliers, alongside Julie Tysor-Taetz, President of The Appelt Company. Duffy formerly served as president of Colliers Houston.

The 1.928-acre property includes three addresses: 2400 Times Blvd., 2400 Rice Blvd., and 2444 Times Blvd. with a total of 38,000 SF of retail space.