HOUSTON – Realty News Report: Developers Frank Lui and Ronny Hecht have partnered to acquire the 14-acre Coca-Cola property on Bissonnet Street, one of the most valuable infill tracts inside Houston’s Inner Loop.
The site sits just outside the city limits of the affluent West University Place and is roughly a mile from Greenway Plaza. It stretches between Kirby Drive and Buffalo Speedway, bounded by Westpark to the north and Bissonnet to the south. The parcel is located at the northwest corner of Bissonnet and Wakeforest.
Frank Lui, founder of Lovett Homes, is one of Texas’s most active townhome developers. He also heads Lovett Commercial and is overseeing the redevelopment of the old downtown post office into a mixed-use project.
Ronny Hecht has significant experience in multifamily development and has frequently partnered with developer Avi Ron on a number of projects.
The Coca-Cola transaction closed several months ago, though no development plans have been announced for the property.
CBRE brokers Brendan Lynch and Darin Gosda handled marketing for the sale, representing landowner Coca-Cola Southwest Beverages.
The Coca-Cola bottling plant originally opened on this site in 1950, when the location was suburban and Houston’s population was approximately 596,163.
The site became available after Coca-Cola Southwest Beverages purchased a large tract within Hines’ Pinto Business Park in north Houston to build a new, roughly $250 million, 1 million-square-foot bottling facility. With the company relocating, the longtime Bissonnet plant was rendered surplus after about 70 years of operation.
Jan. 27, 2020 Realty News Report Copyright 2020
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