HOUSTON – (Realty News Report) – A partnership led by Houston-based Senterra Real Estate Group LLC has purchased a prominent four-acre parcel on the northwest corner of Buffalo Speedway and Richmond Avenue for a future mixed-use development.
Located about a quarter-mile north of the Southwest Freeway, the property sits directly across from the eastern edge of the Greenway Plaza campus. The site, at 3440 Richmond Avenue, includes a corner pad currently occupied by a branch of BB&T bank.
Neil H. Tofsky, CEO of Senterra Real Estate Group, is familiar with the area. Earlier in his career he worked with Century Development, the firm that built Greenway Plaza.
Tofsky said Senterra is evaluating the parcel to determine the highest and best use for the land. The site is adjacent to the former Exxon research campus, which is undergoing redevelopment.
“This was an opportunity to acquire a strategic gateway corner bridging two of Houston’s most affluent residential neighborhoods: River Oaks and West University Place,” Tofsky said. “Given our Greenway Plaza background, we saw a chance to participate in the transformation along Buffalo Speedway and the broader redevelopment occurring in the Upper Kirby District. We will collaborate with key stakeholders who share our vision for this location.”
The property was purchased from a joint venture between Midway and William Harrison’s Cathexis RE Holdings. David Hightower, Executive Vice President at Midway, represented the sellers in the transaction.
When the seller decided to redeploy capital, selling to Senterra proved to be a favorable outcome, Hightower said. “The site is in good hands and we expect they will develop it in a way that benefits the surrounding community.”
JLL marketed the site on behalf of the seller. The JLL Capital Markets team representing the seller was led by Managing Director Davis Adams. Senterra Real Estate Group LLC represented the buyer.
The property borders Spear Street Capital’s THE RO, a 17-acre redevelopment site planned for mixed-use. Developed in partnership with Transwestern, THE RO is expected to include retail, office, multifamily housing and a hotel.
Earlier this year, there was speculation that the Spear Street/Transwestern partnership might acquire the four-acre parcel that ultimately sold to Senterra. Had that occurred, Spear Street/Transwestern would have controlled the prominent corner immediately south of the former Exxon Research tract.
Oct. 22, 2019 Realty News Report Copyright 2019
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