HOUSTON – (Realty News Report) – The Mix @ Midtown, a 73,000-SF retail property that is housed on an entire city block in Houston’s Midtown neighborhood has been sold.
JLL marketed the property on behalf of the seller, Crosspoint Properties, who developed the property in 2008. Fifth Corner, in a joint venture with Pointer Real Estate Partners, purchased the asset.
Situated on 1.4 acres at 3201 Louisiana Street, The Mix @ Midtown spans an entire city block in Houston’s Midtown neighborhood and includes a 296-space parking garage, a unique feature in MIdtown. The property is located at the hard corner of Louisiana and Elgin, which is Midtown’s busiest intersection with 45,000 vehicles passing through daily.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Rusty Tamlyn, Directors John Indelli and Michael Johnson and Analyst Bryan Strode.
“Packed with high-rise apartments, big incomes, walkability, public transportation, daytime population and greenspace, all the ingredients are in-place for Midtown, which has evolved into one of Houston’s top retail, office and living destinations,” Indelli said. For example, Madison Marquette is constructing the 30-story, 328-unit The Travis multifamily project on Main Street, one block from Elgin.
Midtown, which has a Metro Red rail line through it, is located between downtown and the Texas Medical Center – two of Houston’s largest employment centers. Downtown has a 300,000 daytime population and the Texas Medical Center 107,000 daytime population.
The Mix @ Midtown project pioneered the first mixed-use asset in the area, JLL said. It is fully leased to 24 Hour Fitness, Jinya Raman Bar, Artisans Restaurant, Gen Korean BBQ, Piola, Kung Fu Tea and Cloud 10 Creamery.
Other new Midtown developments include Morgan Group’s Whole Foods-anchored residential building (one block away) and Rice University’s Ion innovation district. Phase I of the Ion will be a $100 million renovation of the 270,000-SF Sears, which will serve as a gathering place for startups, large corporations seeking new technologies, venture capitalists, business accelerator and academics.
Nov. 6, 2019 Realty News Report Copyright 2019 …Houston 2020: America’s Boom Town – An Extreme Close Up —Available on Amazon http://tiny.cc/4a2g6y
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