REFINANCING AND RETAIL
New tenants for Rice Village; a new lease on life for 336 Marketplace?
Fidelis Realty Partners has refinanced the 336 Marketplace shopping center in Conroe’s Grand Central Park community.
Houston-based Fidelis developed the 471,752square-foot power center, which is anchored by Kroger, Michaels, Dick’s Sporting Goods, Marshalls, Five Below, Ross Dress for Less, HomeGoods, Ulta Beauty, DSW and Burlington. The center, on 72 acres at the southwest corner of Interstate 45 and South Loop 336, was substantially completed in 2019.
Guardian Life Insurance Co. of America provided the 10-year, fixed-rate loan, which was arranged by Colby Mueck, Molly Leinsdorf and Tolu Akindele of JLL.
Grand Central Park is a master planned community of Johnson Development.
Rice Village sees an active leasing season
An athleisure clothing company, a hair coloring salon and a candle-making shop are some of the latest retailers coming to Rice Village this year.
The new tenants include Tasc Performance, MYX Blend Bar, Face Haus, Madison Reed Color Bar and Paddywax Candle Bar. The shops are expected to open this spring and summer.
Rice Village, an outdoor shopping district started in 1938, is owned by Rice Management Co., which oversees Rice University’s $6.5 billion endowment. Edge Realty Partners handles leasing at the property, and REIS Associates manages the property.
Commerce Tower condo project to be renovated
Downtown’s historic Commerce Towers, a 25-story building at Main and Walker streets with condominiums both for sale and lease, is getting a makeover.
Premier Towers LP purchased the building in 1999 and completed a renovation that converted it into luxury condominiums in 2004. The building, at 914 Main St. on the Metro rail line, contains 140 units. The property was built as the Chamber of Commerce Building in 1928 by Houston real estate magnate and entrepreneur Jesse H. Jones.
The planned renovations will include modern updates to the lobby, improvements to the amenities areas such as the pool deck, workout room and party rooms, and exterior renovations in keeping with the historic character of the building, according to the condo association. A timeline or details on the project were not disclosed.
Premier Towers LP owns 71 of the building’s 140 units, including multiple built-to-suit penthouses, and its units are not yet for sale, according to Commerce Towers.
Phase two of industrial park set to commence
Houston-based United Equities will start phase two of its Beltway-225 Business Park in Pasadena after securing tenants for the first two buildings in the 85,500-square-foot development.
PTR Holland leased 18,500 square feet at 822 E. Sam Houston Parkway South. Cooper Valves leased 21,000 square feet at 818 E. Sam Houston Parkway South. Two additional buildings are planned in phase two of the craneready business park.
Travis Land and Michael Keegan of NAI Partners represented United Equities in the transactions. Cooper Valves was represented by Taylor Scheps with Newmark Knight Frank.
In phase two of the crane-ready business park, United Equities plans to build a 22,000square-foot building at 826 E. Sam Houston Parkway South and a 24,000-square-foot building at 830 E. Sam Houston Parkway South. Construction is expected to start in the next 60 days.