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Redevelopment of Greenspoint Mall?

HOUSTON – Greenspoint Mall, once one of the premier regional malls in Texas, is being marketed as a redevelopment opportunity.
Greenspoint Mall, which opened in 1976, was a retail powerhouse in its heyday. However, the 1.4 million square foot north-Houston mall was bypassed long ago by The Woodlands Mall as growth moved northward. Lord & Taylor, J.C. Penney, Montgomery Ward and Sears are long-gone.
Triyar Cannon Group, owner of the Greenspoint Mall, located west of Bush Airport at the northeast corner of Interstate 45 and Beltway 8, has engaged the Colliers International firm to find a buyer.

Ace Schlameus, Colliers International

Ace Schlameus, Colliers International

Colliers senior vice president Ace Schlameus is leading the effort.

Last summer, Triyar Cannon sold another regional mall – the aging San Jacinto Mall in Baytown – to Houston retail developer Fidelis Realty Partners, which plans to tear down most of the Baytown shopping center and replace it with modern-era retail. You can bet the Greenspoint opportunity will be presented to Fidelis.
Turning around Greenspoint Mall is key to turning around the entire Greenspoint area. The mall site could become an asset to the area once again.
Recently, the Greenspoint district suffered a big blow when Exxon Mobil elected to vacate 2 million square feet of Greenspoint office space and move the employees to its new campus near The Woodlands. Vacancies soared.
A partnership of Hines and the General Motors Pension Fund owns six Class A office buildings in Greenspoint. The presence of Hines is a solid anchor for the Greenspoint area.
The regional mall, with Macy’s and Dillard’s remaining as anchors stores, could be a transformative redevelopment that could push the Greenspoint area to a rebound.

Feb. 14, 2016

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