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Houston developer sells Heights Mercantile, other properties

January 9, 2019

Heights Mercantile, a 40,000-square-foot retail development at 7th Street between Heights Boulevard and Yale Street, has been sold.

Houston-based developer Radom Capital sold the property and three other redevelopment projects to Asana Partners of Charlotte, North Carolina, according to Harris County property records. The deals quietly closed in July.

The other properties Radom sold were the 11,000-square-foot Lowell Street Market at 718 W. 18th St., a small redeveloped building at 201 E. 20th St. and a washateria redevelopment at 420 E. 20th St. A purchase price was not disclosed, but the properties’ combined value totals more than $14.31 million, according to Harris County Appraisal District records.

Principal Steve Radom was not looking to sell, but Asana executives made an offer while he was working on refinancing a construction loan, he told the Houston Chronicle. Radom Capital will continue to manage and lease Heights Mercantile, per the Chronicle.

Just a few months after the deals closed, Radom Capital and Houston-based Triten Real Estate Partners announced they’re developing a 12-acre site on North Shepherd Drive between 6th and 7th streets, which currently is home to more than 200,000 square feet of industrial buildings. Those buildings will be redeveloped into a mixed-use project that will contain 100,000 square feet of creative office space and 100,000 square feet of chef-driven restaurants, first-to-market retailers and studio fitness concepts. 

The development, dubbed M-K-T, is set to deliver in the first quarter of 2020. It will contain more than 30 tenants new to the Heights area. Radom Capital and Triten Real Estate Partners are also working with Boston-based Long Wharf Capital LLC on the redevelopment. Michael Hsu Office of Architecture designed the project, Houston-based Method Architecture is the architect of record, and SWA Group is the landscape architect. 

Radom Capital’s Heights Mercantile delivered in 2017 and won a 2018 Landmark Award from the Houston Business Journal. The 420 E. 20th St. project won a Landmark Award in 2017.

Source: Houston Business Journal, Olivia Pulsinelli

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