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Repositioning Pro Buys 1.2M-SF Houston Mall

HOUSTON-Two years after it was foreclosed, the Sharpstown Center secures a new owner. The private investor's game plan includes a multi-million-dollar renovation for the 72%-occupied mall positioned on 43 acres.

By Jennifer Brenner Andrade | Updated on November 05, 2002

HOUSTON-A one-time foreclosed, 1.2-million-sf mall, sitting on 43 acres in southwest Houston, has been offered new hope in a sale to a private investor, who’s planning a multi-million-dollar rehab.

The Texas investor, under the name of 7500 SF Ltd., bought Sharpstown Center at 7500 Bellaire Blvd. from Citigroup Global Investments, a successor to Hartford, CT-based Travelers Insurance. Two years ago, Travelers foreclosed for a $20-million note in a take-back from AMP Associates of Sharpstown.

The Insignia/ESG team of Joe Dubuc, business development director in Houston, and Jim Thomas, a senior managing director in Dallas, represented the seller. Herb Shapiro of Shapiro Associates in Houston negotiated the terms for the buyer.

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