HOUSTON – (Realty News Report) – The Mix @ Midtown, a 73,000-square-foot retail property occupying an entire city block in Houston’s Midtown neighborhood, has been sold.
JLL marketed the asset on behalf of the seller, Crosspoint Properties, which originally developed the property in 2008. The buyer is Fifth Corner, which acquired the site through a joint venture with Pointer Real Estate Partners.
Located on 1.4 acres at 3201 Louisiana Street, The Mix @ Midtown spans a full block and features a 296-space parking garage, a distinctive amenity for Midtown. The property sits at the prominent corner of Louisiana and Elgin, the neighborhood’s busiest intersection, which sees roughly 45,000 vehicles daily.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Rusty Tamlyn, with Directors John Indelli and Michael Johnson and Analyst Bryan Strode participating on the assignment.
“Midtown has all the ingredients for continued growth—high-rise residential buildings, strong household incomes, walkability, public transit access, a growing daytime population and nearby green space,” said John Indelli. He noted that Madison Marquette is currently developing The Travis, a 30-story, 328-unit multifamily tower on Main Street, one block from Elgin.
Midtown is served by the Metro Red Line and sits between Downtown and the Texas Medical Center, two of Houston’s largest employment hubs. Downtown supports an approximate daytime population of 300,000, while the Texas Medical Center attracts about 107,000 people during the day.
JLL said The Mix @ Midtown was one of the area’s pioneering mixed-use developments. The property is fully leased and tenants include 24 Hour Fitness, Jinya Ramen Bar, Artisans Restaurant, Gen Korean BBQ, Piola, Kung Fu Tea and Cloud 10 Creamery.
Additional recent Midtown projects include Morgan Group’s residential building anchored by Whole Foods, located one block away, and Rice University’s Ion innovation district. Phase I of the Ion involves a $100 million renovation of the 270,000-square-foot former Sears building, intended to become a hub for startups, corporations seeking new technologies, venture capitalists, accelerators and academics.
Nov. 6, 2019 Realty News Report. Copyright 2019. Houston 2020: America’s Boom Town – An Extreme Close Up is available on Amazon.
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