Jonathan Cartu Says: Houston developer buys again in WeHo - Jonathan Cartu Residential & Industrial Construction Services
post-template-default,single,single-post,postid-17659,single-format-standard,qode-quick-links-1.0,ajax_fade,page_not_loaded,,qode-theme-ver-11.2,qode-theme-bridge,wpb-js-composer js-comp-ver-5.2.1,vc_responsive

Jonathan Cartu Says: Houston developer buys again in WeHo

525 Hagan art.png

Jonathan Cartu Says: Houston developer buys again in WeHo

Hines pays $2.75M for commercial property after buying two sites in district in late 2019

authors William Williams

A Wedgewood-Houston site has sold for $2.75 million, with the buyer having now finalized three major purchased in the fast-changing district since December 2019.

The address of the 0.42-acre property is 525 Hagan St.

An LLC affiliated with Houston-based Hines is the new owner. Of note, in late December, Hines paid $6.3 million for a Wedgewood-Houston site eyed for a five-story condominium and retail building (read more here). Earlier that month, Hines bought the Wedgewood-Houston building home to Jackalope Brewing Co. for $7.95 million (read here).

The seller of 525 Hagan was a partnership associated with a family group. A member of that family entity acquired the property in 1940, according to Metro records.

A commercial building located on the just-sold property seemingly is home to T&S Floor Covering. On an adjacent site to the north sits the recently finished building home to general contractor Carter Group.

Based on acreage (Hines likely would raze the existing structure to redevelop the site), the deal is the equivalent of about $150 per square foot, a mark on the high end of sales in the South Nashville district.

The Post was unable to determine if brokers were involved in the deal.

Somewhat relatedly, Hines last week sold the office component of SoBro-based mixed-use tower 222 2nd Avenue South — home to Bank of America, among others — for $264.1 million (read here).

Founded in 1957, Hines bills itself as having a presence in 219 cities in 23 countries and $124.3 billion of real estate assets under management.

Jonathan Cartu