Fifth Corner acquires prime 2-acre retail site near Rice Village, plans major upgrades to attract new tenants in rare property sale after decades.
HOUSTON — A prominent retail plaza adjacent to Rice Village has traded hands for the first time in decades, and the buyer plans to make significant capital investments to attract new tenants.
The 2-acre property sits at the intersection of Morningside Drive and Times Boulevard and is one of the largest contiguous sites in the area. The property first hit the market in March.
Houston-based Fifth Corner, which launched in 2018 and focuses on premier urban retail and mixed-use assets, paid an undisclosed amount to acquire the property from The Apelt Co.
The 2-acre site currently houses a retail plaza across three parcels at 2444 Times Blvd., 2400 Times Blvd. and 2400 Rice Blvd.
While the terms of the transaction were not disclosed, Harris Central Appraisal District records said the property had an assessed value for tax purposes of $20.6 million.
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