Heights Mercantile, Other Redevelopments Sold To Charlotte-Based Firm
The mixed-use redevelopment that showed Houston what could be possible when a developer rehabbed industrial buildings has been sold.
In an off-market deal, Charlotte, North Carolina-based Asana Partners acquired Heights Mercantile, the lauded retail center in the Heights, from Houston-based developer Radom Capital.
The deal quietly closed in the summer, according to the Houston Chronicle. The properties are valued at a combined $14.3M, but the sales price was not disclosed. Radom Capital will continue to manage and lease the property.
Along with Heights Mercantile, which opened in 2017 between Heights Boulevard and Yale Street on Seventh Street, Asana Partners purchased three other Radom Capital assets: Lowell Street Market, an industrial redevelopment at North Shepherd and 18th Street; 201 East 20th St., a redeveloped 1955 masonry building; and 420 East 20th St., a redeveloped washateria from 1955.
While principal Steve Radom would have been happy owning Heights Mercantile forever, Asana made an offer while he was in the process of refinancing a construction loan, the Chronicle reported.
Heights Mercantile is made up of six buildings, the majority of which were old industrial buildings, totaling about 40K SF of retail space.
The property has risen in popularity and is known as one of the most Instagrammable retail developments in Houston, as well as the home of several first-to-market retailers such as Chubbies, Warby Parker, Marine Layer and Will Leather. Other tenants include Gypsy Wagon, Lululemon, Define Body & Mind, Melange Creperie and Rye 51.
Since delivering Heights Mercantile, Radom Capital has moved on to revitalize another industrial lot. The latest project, dubbed M-K-T, involves Radom partnering with Houston-based Triten Real Estate Partners to redevelop a 12-acre lot near North Shepherd Drive and Sixth Street.
The project will be equally split between office and retail and include a 2,000-foot urban boardwalk and several areas of park space. It is expected to deliver in Q1 2020.
