March 23 Section B

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LEADER LISTING The Leader • Saturday, March 23, 2019 • Page 1B

Crescere Capital’s Chris Hotze purchases Ella Business Park Hotze’s other area retail property, the Shops at Oak Forest at 43rd Street and Ella, is now fully leased. Fajita Pete’s is replacing Papa Murphy’s and has recently put up temporary signage, while Tamashi Ramen and Sushi is taking over the former China Wok space.

By Betsy Denson betsy@theleadernews.com Last week the owners of Ella Business Park, at 3306 Ella Blvd., sold the property to a partnership led by Chris Hotze of Crescere Capital. Hotze has been active in the area and developed the adjacent 33 1/3 @ Thirtyfourth. According to Collier International’s Walter Menuet, who formerly leased the property, the business park was 100 percent occupied at the time of the sale. A new sign at the entrance to the property lists one of those tenants, Trojan Worldwide, a power cleaning equipment company. The 90,000 square feet sits on 4 acres. Hotze said the existing tenants have been long-term tenants and there are no plans to repurpose the space for retail. “(The park) serves a purpose in the area, and we respect that,” said Hotze, who said that since his company owns a number of other properties nearby, the purchase of the business park was an investment. “It won’t be redeveloped but it will be fixed up. It also potentially adds overflow parking options for 33 1/3.” Hotze said Crescere has been taking additional measures to clean up Ella by working with CenterPoint Energy and Trees for Houston, along

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Yale Marketplace tenant update

Matt Brock with Fidelis Realty Partners said there is one available 3,259 square foot space left at the Yale Marketplace, which is anchored by the Whole Foods Market with Peli Peli and Juice Society adjacent.

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Photo by Betsy Denson Chris Hotze has purchased the Ella Business Park at 3306 Ella Blvd.

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Tenant updates for 33 1/3 @ Thirtyfourth, Shops at Oak Forest

Tenants at 33 1/3 @ Thirtyfourth, on the corner of 34th Street and Ella Boulevard, include Les Ba’get, BrushBox, the UPS Store, Dentistry of the Oaks, Look Eye Care and Bubble Egg. Although developer Chris Hotze said there are letters of intent for the three remaining spaces at 33 1/3 at Thirtyfourth, the spots remain available. A 3,144 square foot space is open next to Bubble Egg. There are two spaces, measuring 2,091 square feet and 1,373 square feet, available next to Look Eye Care.

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Contributed Photo There is one lease pending and one available space at the Yale Marketplace. The most recent opening is Glo Nail Lounge with Beehive Blowdry set to open next month.

Hotze said he is excited that Plonk! Beer & Wine Bistro is nearing its 10-year anniversary and credits Scott Miller for running an “amazing operation that is a part of the culture of the neighborhood.” “We’ve been investing in the area for the past 12 years,” Hotze said. “It’s incredible how much the area has grown.”

The most recent opening at Yale Marketplace is Glo Nail Lounge with Beehive, an upscale blow-dry concept salon, scheduled to open next month. Pearl Vision and a dentistry practice are still doing buildouts. In addition to the available space, the Lash Lounge has a pending lease to join the

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In February, Garden Oaks and Oak Forest home buyers showed roughly the same tendencies as last year with 55 homes coming off the market compared to 56 last February – a 1.8 percent dip. Though it mirrored Greater Houston trends in seeing a relatively flat sales volume, this area was one of only two local neighborhoods displaying any decline.

volume and final prices, according to HAR’s report. Nineteen homes came off the market last month compared to 17 the previous year – an 11.8 percent jump. Through the end of February, 31 homes are off the market in the area – a 10.7 percent jump over the 28 sold through the same point

Photo coourtesy of Houston Association of Realtors February home sales in four local neighborhood markets showed noticeable year-over-year gains, according to HAR’s recent report.

10.7 percent in February 2019 down to $471,626 – the second-largest dip in the area. Median prices were down 6.8 percent to $425,000.

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On the western edge of Oak Forest, February showcased rises across the board for sales

in 2018. Meanwhile, this neighborhood was the only one in the area in which both median and average price rose yearover-year. Average prices in this area skyrocketed 29.9 percent last month, finishing at $307,011 compared to $236,832 last February. Median prices jumped to $273,000,

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Following a mixed bag in January, local real estate markets showed signs of strong growth in most neighborhoods in February, according to the most recent report by the Houston Association of Realtors. HAR indicated that four local neighborhoods, while the prices were a mixed bag across most neighborhoods. Greater Houston sales of single-family homes were statistically flat in February according to the report, with 5,280 homes sold compared to 5,265 a year earlier. “The Houston real estate market seems to be emerging from the winter doldrums with improvement in sales volume and an exceptionally strong performance among rental properties in February,” HAR Chair Shannon Cobb Evans with Heritage Texas Properties said.

Year to date, 76 homes have been bought compared to 80 during the same period in 2018 – a 5 percent dip. Both average and median home prices dropped in these neighborhoods last month – one of two neighborhoods to experience that trend last month. Average prices fell

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March 23 Section B by Street Media - Issuu