Exclusive: Heights developer acquires Shepherd retail center, plans redevelopment
Houston Business Journal
Houston-based Braun Enterprises, a developer best known for its retail and mixed-use redevelopments in the inner Loop, acquired a retail shopping center in the Heights and plans to completely redevelop the property.
Braun acquired the 18,506-square-foot retail center at 1002 N. Shepherd Drive for an undisclosed price, Zach Wolf, Braun’s director of leasing told the Houston Business Journal. The property is located at North Shepherd Drive and West 11th Street; its tenants include Metro PCS, Jo’s Liquor and Speedy Mart. It is across the street from a Kroger store at 1035 N. Shepherd Drive and Blackbird Izakaya, a Korean concept that’s undergone several menu updates and renovations.
“This project is directly across from Kroger and many other retailers,” Wolf said in a statement. “We are very excited to acquire an existing shopping center in such a high traffic area in the heart of the Heights.”
The purchase price wasn’t disclosed, but the property was appraised at $139,184 in January 2018, per the Harris County Appraisal District. The property’s previous owners were Joe and Annalisa Oliveros and it was built in 1988, according to HCAD.
Braun’s renovations to the property should wrap up in mid-2019, Wolf said. Information on the contractor and architect weren’t provided.
Earlier this year, Braun acquired a restaurant property at 101 Heights Blvd. and plans to redevelop the restaurant. The property is currently home to Hickory Hollow, a popular Southern food restaurant that's been operating its Heights location for more than 30 years and will relocate to a new location in February 2019.
Braun also acquired the former Aztec Rentals Center at 2001 W. 24th St. in Garden Oaks earlier this year. The company plans to develop 20,100 square feet of retail on 2.06 acres and earmark the remaining 3.46 acres for unspecified development.
In June 2017, the company acquired the historic Heights waterworks property and plans to turn the property into a collection of four freestanding restaurants, a new 5,000-square-foot retail building and a lawn area.
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