HOUSTON – (blog.chron.com) The Heights is losing a grocery store and gaining a senior living community.
Weingarten Realty Investors has sold the Fiesta Mart at 1407 Studewood to Bridgewood Heights LP.
The buyer is part of Bridgewood Property Co., which develops independent senior living, assisted living and memory care communities.
Fiesta’s lease expires in January, according to marketing material from Moody Rambin Interests, which represented the seller.
The property consists of a 28,160-square-foot building on three lots totaling 2.09 acres. It is located at the northwest corner of East 14th Street and Studewood.
Christopher Dray with Moody Rambin represented Weingarten Realty in the sale. Jim Foreman with Cushman & Wakefield represented the buyer.
The Houston-based company Bridgewood Property Co. has developed properties throughout the Midwest and Southeast U.S. Among its Houston projects are The Village of Meyerland, The Village at the Woodlands Waterway and The Village of Tanglewood.
Locally based Fiesta Mart has 33 stores in Houston. It closed another inner-Loop store 3803 Dunlavy next to H-E-B Montrose market in July. This year, it opened a store at 12584 Westheimer in west Houston.
Bridgewood Property selected the location because it envisions that there are plenty of customers, including residents who want to live near their aging parents.
“We look for markets that are under served where there’s a good population of senior residents or where there’s a good population of adult children,” said Jim Gray, Bridgewood Property president.
Groundbreaking is planned early next year. The property, which will be built in the Craftsman style to blend in with the neighborhood, will be about 80 units, including 20 independent living, 40 assisted living, and 20 memory care units. Completion takes 16 to 18 months…
Read original article here