Monday, October 22, 2007

Restaurant, movie complex make way for office buildings

DEAL of the Month

A contract is in the works for real estate developer Simmons Vedder & Co. to purchase Willie G's Seafood & Steak House and the Cinemark Tinseltown Westchase.
The sites of both the restaurant at 1605 Post Oak, and theater complex at the Beltway and Richmond, will be cleared for construction of office buildings.
Willie G's, owned by Landry's Restaurants Inc., will upon termination of its lease move to another location and continue operating, according to Landry's executive vice president Steve Scheinthal.
Simmons Vedder is expected to redevelop the 1.9-acre tract into a 320,000-square-foot office building.
Cinemark Westchase will continue operating until the final curtain call at the end of the year. Demolition is scheduled for the first quarter of 2008. The 21-acre site is expected to be redeveloped into a project called Westchase Park, two six-story, 275,000-square-foot office buildings schedule for completion in the second quarter of 2009.
Jeff Hayes of NewQuest Properties is representing Cinemark in the sale and Steve Mahood of Moody Rambin Interests Inc. is representing Simmons Vedder.
The acquisitions are in response to high occupancy in Houston office buildings overall. At the end of the second quarter, the occupancy rate for Class A office space was 92 percent, according to research by O'Connor & Associates. For more information see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
Call Ed A. Ayres 731-782-0260