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Buchanan Street JV Pockets Mall for $40M

HOUSTON-The JV not only gets the 300,000-sf mall, but takes a dark 200,000-sf JCPenney anchor store too. The JV has earmarked $80 million to renovate its new possession.

By John McCloud | Updated on July 31, 2007

HOUSTON-Glimcher Realty Trust has completed the sale of Almeda Mall to a joint venture that plans to “refresh” the aging property and add several junior anchors facing the busy Gulf Freeway. The 300,000-sf mall has been sold for $40 million, with the buyer geared to spend up to $80 million more on renovations.

The buyer is Almeda Mall LP, a partnership of Buchanan Street Partners, a real estate investment bank from Newport Beach, CA, and WCF Development Co., a Houston development company with its own management and leasing affiliate, Fox Properties. In a separate transaction, the partners also bought a vacant 200,000-sf JCPenney store at the 90%-leased mall, situated at the intersection of Interstate 45 and Almeda Genoa, for an undisclosed price. A 300,000-sf Macy’s store that anchors the 43.5-acre mall was not included in either sale.

“We saw a great opportunity to improve the property,” says Buchanan Street senior vice president Kristin Olson. “The mall appears fairly nice already, but we want to freshen it up a bit and re-tenant it. We want to take advantage of the frontage along the Gulf Freeway. Our intent is to create space for junior anchors along the freeway.”

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