HOUSTON – (Realty News Report) – JVC Capital has acquired a shopping center at northwest corner of Bellaire Boulevard and Chimney Rock.
NewQuest Properties Investment Sales Group has closed the sale of the 99%-leased Chimney Rock Bellaire Shopping Center in southwest Houston for significantly more than its asking price.
The two-building shopping center, totaling 23,217 SF, is situated at 6720 Chimney Rock Rd. and 5504 Bellaire Blvd.
“This is a great property in a great location. I’ve only had one other sale close over list in my 25-year career,” says Kelley Workman, vice president of Houston-based NewQuest, who represented the seller, F6 Properties.
The NewQuest listing drew nine offers in a 40-day marketing period, with JCV Capital Inc. placing the winning bid. Chimney Rock is the local investor’s first retail acquisition. Tony Luk of LYT Realty Inc. represented the buyer, a restaurateur with a portfolio of dining establishments and residential rental properties. Rose Chen of Pioneer Bank provided the acquisition loan.
Chimney Rock was under contract before the widespread outbreak of coronavirus in the U.S. and subsequent business curtailments. “Every tenant has renewed and paid their rent for April,” Workman says. “It’s the location that makes that possible.”
Tucked into an urban infill pocket, Chimney Rock is located across the street from Bellaire Triangle Center, a retail landmark for the past half century. In the five-mile trade area, there are 541,505 residents, 17.4% of who earn at least $150,000 per year.
Situated on 1.02 acres, Chimney Rock was developed in phases in 1990 and 2012. The pair of single-story buildings features updated glass storefronts and Austin stone accents. Anchor tenants are The Mays School, Green Restaurant and Speedy Cash.
