Downtown area: Scarlet Capital Buys Historic Building

In Houston, Scarlet Capital has expanded its historic property holdings on the northern edge of downtown with the purchase of a converted warehouse building near University of Houston-Downtown.

The boutique Houston-based real estate company, which revitalizes and repositions urban real estate, reported the purchase of 1113 Vine Street in an all-cash transaction. Built as a warehouse in 1917, the two-story brick and concrete multi-use property was previously known as the Union Transfer and Storage Building. It is listed on the National Register of Historic Places.

The 63,000-SF building, which sits on 2.3 acres, gives Scarlet Capital control of 5.3 contiguous acres just north of an elevated segment of I-10 east of North Main Street. The company also owns The Docks at 1125 Providence Street and The Landing at 1133 Providence Street.

Scarlet Capital said the land assemblage stands to benefit from the proposed relocation of I-10 as part of the North Houston Highway Improvement Project. The freeway would be routed north of the company’s holdings, thus strengthening the site’s connection to downtown.

With 53,000 rentable sq ft of office and retail space, 1113 Vine is home to anchor tenants Enchanted Rock, a provider of on-site power and microgrid solutions, and boutique law firm Okin Adams. Together with 1125 and 1133 Providence, the three buildings total 145,000 SF of office, retail, and creative space.

Founded by brothers Alexander Ron and Daniel Ron, Scarlet Capital has nearly 1 million SF of real estate under management.