Summit Square


3281 Southwest Fwy
Houston, TX 77027

Summit Square


3281 Southwest Fwy
Houston, TX 77027


Summit Square shopping center is a 68,385 SF shopping center, which includes two pad ground leases located on the corner of Buffalo Speedway and Hwy. 59, near Greenway Plaza.  The 5.86-acre site was acquired in 1996 and fully developed in 1997.

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The property, at purchase, was owned by a corporation, which meant that income derived from the property was taxed both on a corporate level and once again on a dividend level.  In addition, there was potential liability stemming from the fact that Davis Holdings was buying both the assets and liabilities of an existing corporation.

The twin issues of double taxation and liability exposure were enough deter many buyers, which allowed Davis Holdings leeway to negotiate a fair price for the property and seek to solve the problems that could endanger the profitability of the project.  After comprehensive due diligence, Davis Holdings was satisfied that no lingering liability issue existed and that the double taxation could be eliminated. This was made possible by creating a Sub S corporation and operating it for a 10 year periodat which time the double taxation element of the transaction would disappear.

The property is exceptionally well located between West University and River Oaks, two of Houston’s most affluent subdivisions.  It has approximately 1,500 linear feet of frontage on Hwy. 59, which offers tenants excellent signage opportunities and frontage on a freeway that carries 270,000+ cars per day.

The area is seasoned with high rise condominium projects, multi-level apartments, high-dollar single-family homes, retail, a multitude of major office properties, and in general, all the elements of a mature urban core. It is located directly across the freeway from Greenway Plaza, a 52-acre master planned mix-use development with approximately 5 million SF of office space.

In the future, the area will become more densely populated with high-rise condo and apartment projects. Rent at Summit Square continues to increase and its prospect levels equate to a rate over 75% of pro forma.

Today, the mortgage has been paid off, and Summit Square Shopping Center has exceeded expectations in both rental income realized and value creation.  It is now regarded as one of Houston’s more important retail properties and is located near the city’s most affluent urban neighborhoods.


  • Easy access & excellent visibility from US-59 & Westpark Dr.
  • Outdoor food court & plentiful parking
  • Across from Greenway Plaza & Lakewood Church
  • Close to the Galleria, Highland Village, and Rice Village- all extremely popular shopping areas

Shopping Center & Pads: 68,385 SF
Land: 5.86 Acres

See Availability on Loopnet or contact us below.

National: Chase Bank, Chili’s, Party City, Jimmy Johns, and others
Regional: Thai Bistro and others

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