HOUSTON – (Realty News Report) – A partnership led by Houston-based Senterra Real Estate Group LLC has purchased a prime, four-acre parcel at northwest corner of Buffalo Speedway and Richmond Avenue for a future mixed-use development.
Located about a quarter mile north of the Southwest Freeway, the property is directly across from the eastern edge of the Greenway Plaza campus. The site, 3440 Richmond Avenue, includes a corner pad site currently occupied by an branch of BB&T bank.
Neil H. Tofsky, Senterra Real Estate Group’s CEO, is no stranger to the area. Earlier in his career, Tofsky was with Century Development, the firm that developed Greenway Plaza.
Tofsky said Senterra is evaluating the property to determine the highest and best use for the land. It is bordered by the old Exxon research campus, which is being redeveloped.
“This was an opportunity to purchase a strategic key gateway corner bridging two of Houston’s most affluent residential areas: River Oaks and West University Place,” Tofsky said. “We felt our Greenway Plaza background afforded the opportunity to be part of the transformation occurring along Buffalo Speedway and the redevelopment taking place in the Upper Kirby District. We will work with key stakeholders who share our vision for this site.”
The property was acquired from a joint venture between Midway and William Harrison’s Cathexis RE Holdings. David Hightower, an Executive Vice President at Midway, represented the selling entity in the transaction.
When the seller decided to redeploy its capital, selling to Senterra was an ideal outcome, Hightower said. “The site is in good hands and we know they will develop it in a way that benefits all the surrounding neighbors.”
JLL marketed the site on behalf of the seller. The JLL Capital Markets team representing the seller was led by Managing Director Davis Adams. Senterra Real Estate Group LLC represented the buyer.
The site abuts Spear Street Capital’s THE RO, a 17-acre site being redeveloped for a mixed-use project. Developed in partnership with Transwestern, the RO is expected to include retail, office, multifamily and a hotel.
Earlier this year, there was speculation that the Spear Street/Transwestern partnership would acquire the four acre parcel that Senterra eventually purchased. Such an acquisition would have given Spear Street/Transwestern control of the key hard corner immediately to the south of the former Exxon Research tract.
Oct. 22, 2019 Realty News Report Copyright 2019
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