April 28, 2020
NewQuest Properties Investment Sales Group has closed the sale of the 99%-leased Chimney Rock Bellaire Shopping Center in southwest Houston for significantly more than its asking price.
The two-building shopping center, totaling 23,217 square feet, is situated at 6720 Chimney Rock Rd. and 5504 Bellaire Blvd. in the heart of Bellaire, among Houston’s premier neighborhoods.
“This is a great property in a great location,” said NewQuest VP Kelley Workman, who represented seller F6 Properties. “I’ve only had one other sale close over list in my 25-year career.”
Tony Luk of LYT Realty Inc. represented buyer JCV Capital, a restaurateur with a portfolio of dining establishments and residential rental properties. Pioneer Bank’s Rose Chen provided the acquisition loan.
Chimney Rock was under contract before the widespread outbreak of coronavirus in the U.S. “Every tenant has renewed and paid their rent for April,” Workman said. “It’s the location that makes that possible.”
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