Texas + Retail | April 28, 2020

Houston Shopping Center Sells Above List Price

NewQuest Properties Investment Sales Group has closed the sale of the 99%-leased Chimney Rock Bellaire Shopping Center in southwest Houston for significantly more than its asking price.

The two-building shopping center, totaling 23,217 square feet, is situated at 6720 Chimney Rock Rd. and 5504 Bellaire Blvd. in the heart of Bellaire, among Houston’s premier neighborhoods.

“This is a great property in a great location,” said NewQuest VP Kelley Workman, who represented seller F6 Properties. “I’ve only had one other sale close over list in my 25-year career.”

Tony Luk of LYT Realty Inc. represented buyer JCV Capital, a restaurateur with a portfolio of dining establishments and residential rental properties. Pioneer Bank’s Rose Chen provided the acquisition loan.

Chimney Rock was under contract before the widespread outbreak of coronavirus in the U.S. “Every tenant has renewed and paid their rent for April,” Workman said. “It’s the location that makes that possible.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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