Home > Uncategorized > St. Agnes Academy buys 19 acres across from Sharpstown

St. Agnes Academy buys 19 acres across from Sharpstown

September 29, 2010 Leave a comment Go to comments

St. Agnes Academy (the all-girl Catholic college) will be putting down roots. We snapped Situs’ Rodney Lerner, who repped the school, and its Maury Bronstein, Martin Bronstein, and John Wall Jr., who (with coworker Randall Tuller) repped lender Kennedy Funding.

The gentlemen tell us the sale is particularly significant for its size, proximity to the mall, and buyer/intended use. First of all, it’s hard to come by an infill site this large in Houston. Second, it adds another buyer to the local mix.

You’ll best remember the land as the former site of Gillman Automotive, but it’s been vacant for seven years and a federal lien on the property prevented foreclosure until last November. Martin tells us Situs pursued retailers who had previously expressed interest in the area, but either couldn’t get land around the mall or were concerned by the image it carried.

From the onset of the marketing period, Situs expected to attract a big-box grocer; they received interest from retailers hoping to parcel up the land. However, Kennedy Funding preferred to sell the entire site. St. Agnes presented the best opportunity to sell the tract in its entirety and close (e.g. limited feasibility period relative to retailers).

St. Agnes plans to use the land for athletic fields but will eventually expand onto the site. (Above, its Center for the Sciences and Student Services, completed in ’08.) The gentlemen agree the school’s presence could have a significant positive impact on the area by bringing in affluent consumers and families. And they’re in a position to know—Situs has been active around Sharpstown Mall for the past two years. It represented the seller of the JC Penney anchor out of REO in ’09 and is now the asset manager and marketing a portion of the mall’s land fronting 59 and Bellaire, also out of REO.

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