The real-estate gurus at Swamplot took note of an interesting listing among commercial real estate properties: The block of land at Montrose and Westheimer that contains the strip center with Half Price Books.
The listing by HFF says the 2.86-acre plot, which includes the entire block, “represents an excellent opportunity to acquire a value-add retail center or a prime redevelopment opportunity ideal for multi-family, hotel, retail, medical, or mixed use development.”
The site, of course, sits next to two of the most recent indicators of a rejuvenating Montrose, El Real and the Underbelly-Hay Merchant combo.
The strip center is 44,194 square feet and about half-leased, with Spec’s, a Papa John’s and 3-6-9 China Bistro joining Half Price Books.
Back in the day — and possibly restorable? — the center had a neat Art Deco look to match the then-Tower Theater, where El Real is, according to photos on Swamplot.
There is no price listed in the executive summary, but HFF is using $10 million as a figure to think about.
This could be a big change for the area.
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This article appears in Mar 8-14, 2012.