HOUSTON — (Realty News Report) – An 86-year-old shopping center in the heart of West University Place has been acquired by 35 South Capital, a newly formed real estate investment company.
Located across the street from West University Elementary School, the two-story building has street level retail with office/studio space above.
The new owner, 35 South Capital will collaborate with Michael Hsu Office of Architecture (designer of the M-K-T project in The Heights) to modernize the fully leased building while improving its connectivity to the local community and adding to its strong tenant base.
The acclaimed Studio 3 hair salon is a key tenant in the 13,142 SF property, which is at the northeast corner of University Boulevard and Edloe. The center, 3642 University Blvd., was acquired from a partnership led by James Reid.
The 35 South Capital real estate company, formed in 2021, will focus on investments in the Texas Triangle – the economic core of the state bounded by Houston, San Antonio, Austin and Dallas-Fort Worth.
One of the founders of the company recently developed the Southside Commons building located at 4191 Bellaire Blvd., once the site of Palace Bowling Lanes.
The West University center is the first property acquired by 35 South Capital’s inaugural fund, The Front Porch Fund.
35 South Capital was launched by a quartet of real estate industry veterans with a long track record of accomplishments. John Morton will serve as Chief Executive Officer and brings over 20 years of experience to his role. Prior to helping establish 35 South Capital, he founded Triple Crown Investment Group, a Houston-based family office and real estate investment company, that developed Southside Commons.
“We’re Texans through and through, and by making the most of our connections and experience, intend to procure best in class real estate investments around the state,” said Morton. “Our collective knowledge in this sector will assist in identifying properties and projects with high ROI for our investors. And our unique set of skills will make for an effective, synergistic business strategy primed for a noticeable impact in the Lone Star State.”
Joining Morton is joined by three other co-founders: Chairman Steve LeBlanc, co-founder and Senior Advisor of CapRidge, a real estate investment company focusing on value office acquisitions; Chief Financial Officer John Anderson, co-founder of CJN Investments, a boutique private equity firm that invests in local businesses and real estate in the greater Houston area and throughout Texas; and Ryan Haley, Chief Operating Officer, who previously established Barbour Investments, a real estate development and investment company which focuses on boutique projects in Houston.
Together, 35 South Capital’s team has over 100 years of experience in all major product types leading publicly traded Real Estate Investment Trusts (REITs), large institutional investors, private equity funds, and development companies. 35 South Capital’s initial strategy for Front Porch Fund is to find real estate projects located in Texas’s four major markets – Houston, Dallas/Fort Worth, Austin, and San Antonio – cities that lead the nation in job and population growth. The mission of 35 South Capital’s veteran team is simple: employ their experience to spot and act on market opportunities to bring the highest risk adjusted returns to their investors.
“We are four, like-minded entrepreneur partners with a long history of collaboration,” said 35 South Capital Chairman Steve LeBlanc. “It’s a natural next step for us to come together to build a Texas focused investment platform buoyed by the tailwinds of the Texas economy. We are looking forward to a bright future working together.”
June 13, 2021 Realty News Report Copyright 2021
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Photo: Courtesy 35 South Capital
File: West University Center Sold (Built Circa 1935)
File: (2) Southside Commons, West University Center Sold to 35 South Capital. Michael Hsu. James Reid. Rabon Reid. Studio3. John Morton. Steve LeBlanc. West University Place.