HOUSTON, Oct. 4 /PRNewswire/ -- Situs advised and represented Kennedy Funding, a New Jersey-based lender, on the sale of an 18.7 acre tract of land in southwest Houston. The REO property, a former Gillman Automotive Group site, is located near Sharpstown Mall at the southeast corner of Bellaire Blvd & Fondren Rd. It has been vacant since the dealership moved to a new location seven years ago.
The buyer was St. Agnes Academy, an all-girls Catholic high school located one mile west of the property. The school decided to purchase the property after updating its campus strategic plan.
The property's location and size, as well as the density of the surrounding area, make it one of the largest and most attractive infill tracts in Houston. A number of retailers, developers, and investors showed interest in the property. Kennedy Funding selected St. Agnes as the winning buyer due to price and its perceived ability to close the transaction.
"Situs was able to find the best buyer with the most relevant usage to acquire our REO in Houston, Texas," said Stephen Bienko, Kennedy Funding's Director of Marketing. He added, "Their attention to our requirements and the needs of the buyer enabled a very smooth and speedy process. Raw land has been very difficult to sell in this environment, but Situs had the reach to find a buyer that was able to close a tough sale."
Situs has been actively involved in the Sharpstown area over the last two years. The firm sold the former JC Penney anchor building, which was also an REO property, at Sharpstown Mall in 2009, and is currently asset managing and marketing a portion of the Mall's land fronting US 59 and Bellaire Blvd (also REO). In all three engagements, Situs represented lenders and guided them through several issues, including an ad valorem tax lien sale, lawsuit for outstanding CAM charges, environmental problems, and the Mall's complicated operating agreements.
Bienko added, "Kennedy Funding engaged Martin Bronstein and his team at Situs because of their strong reputation in the Texas commercial real estate market. Their exceptional local knowledge, attached to their international reach, enabled them to sell an extremely visible raw land parcel during a jagged financial environment. They made the process easy for us as a lender, and we will continue to use Situs in many of our REO properties."
The Situs team members involved in the marketing effort included Martin Bronstein, Maury Bronstein, Randall Tuller, and John S. Wall, Jr. Rodney Lerner, who recently joined Situs, represented St. Agnes Academy in the transaction.
The Situs Companies is a leading provider of global commercial real estate advisory services to the financial services industry. Since 1985, clients have relied on Situs' experience, insight and best-in-class processes. Combining creativity, flexibility and strategic planning, the company offers life of the loan solutions from due diligence to disposition. The company is recognized throughout the industry for consulting, advisory, servicing, outsourcing and disposition solutions. More recently, the company added capital markets and platform restructuring expertise through its affiliate, Oasis Real Estate Partners. Situs is headquartered in Houston and has offices throughout the United States and Europe. Visit our website at www.situscompanies.com.
SOURCE The Situs Companies