Partnership buys in Montrose
A Braun Enterprises partnership has purchased a collection of buildings on a prime parcel in the Montrose area.
The deal included three retail buildings and an office building totaling 12,630 square feet at 1601–1625 Richmond and 1643 Richmond. The retail buildings are fully leased to Lucky Burger, Orange Bar, Maria Selma's Mexican Restaurant and The Harp Irish Pub. The leases all expire in 2014. The buildings sit on 1.4 acres at Richmond and Mandell.
"For now, we're going to hold it for cash flows," said Dan Braun, president of Braun Enterprises. "Ultimately, we believe it will be a retail development long-term. It could be five or 10 years down the road."
Alex Jackson and Kolby Beich of JB Realty represented Braun, which purchased the properties from the estate of a New York seller.
"Our model is to buy well-located multitenant projects with minimal exposure to one tenant," Braun said. "In addition, we are very bullish on the Montrose area going forward."
Houston-based Braun has purchased eight properties in the past 18 months has been beefing up its Inner Loop holdings. It recently purchased the 13,600-square-foot Harolds in the Heights property at 350 W. 19th at Ashland.
Last year, it added 933 Studewood, a 6,500-square-foot property occupied by Glass Wall restaurant and a law firm.
Braun's portfolio totals about 1.5 million square feet of multitenant office, industrial and retail centers primarily in Houston. Deals are in the works for properties in Houston, San Antonio and Winston-Salem, N.C.
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