Exclusive: Fast-Growing Retail Developer Scoops Up Heights, Montrose Buildings
HOUSTON BUSINESS JOURNAL
Houston-based Braun Enterprises, one of the inner Loop's fastest-growing retail developers, has closed on two assets in bustling neighborhoods.
The company closed on properties at 1415 Richmond Ave. near Montrose and 2401 N. Shepherd Dr. in the Heights, Dan Braun told the Houston Business Journal. The acquisition of the 52,000-square-foot tract of land at 2401 N. Shepherd Dr. is Braun's 20th property purchase in the Greater Heights area, he said.
The Heights asset is currently leased to an auto body shop, Braun said, and the developer will keep the property as-is while the tenant is operating.
The property in Montrose, though, should undergo some renovations in a nearer-term timeframe. The 10,000-square-foot strip center, which formerly housed Pepino's Italian Restaurant, has received interest from a number of tenants, he said, including juice bar users and other retail users. Braun will replace the former Pepino's space with a new restaurant, too.
"After years of chasing the 1415 Richmond center, we finally got a response and got a deal," Braun said. "Once we go into an area, we like to do more than one deal."
Braun Enterprises closed on both assets earlier this week. The developer also closed on a historic building at 1919 Washington Ave. in a joint venture with Houston's Baker Katz earlier this week, too. The owners will renovate the building, which is home to Julep, a popular cocktail bar and Gulf Coast seafood eatery, before any additional tenants move in. The property contains 17,000 square feet of commercial space, of which 12,905 square feet is available.
Braun Enterprises also purchased the 2200 Yale storefront in March 2015. The space, which held a longtime Heights furniture shop, was recently leased to Texas Children's and Bernie's Burger Bus, which is opening a 3,300-square-foot brick-and-mortar at the site.
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