The building was originally a 200,000 SF industrial structure that was sold to a retail developer as what is now called “adaptive reuse,” the conversion of one property type to another. When the center was purchased by Davis to fund the redevelopment of the center, Davis Holdings used cash generated from the existing tenant base, loan proceeds from renegotiating the note, and funds from selling excess land to the Texas Department of Transportation. This helped keep cash calls to the investor group to a minimum.

Several important events took place that made it possible for Davis Holdings to rejuvenate the property. Low paying tenants were removed when their leases expired, a high-interest loan was renegotiated, the highway department condemned a narrow strip of frontage that did not affect the function of the center, and large retail spaces were divided up efficiently and released at substantial rent increases.

The façade of the building was refurbished, sign criteria was established, new lighting was installed to improve safety, and fresh landscaping was added.  Low paying tenants were removed when their leases expired and large retail spaces were divided and released at substantially higher rates. These improvements, and the center’s prime location, has made Town & Country a phenomenal success.

Demographically, the intersection of Beltway 8 and I-10 is among the best in the city.  The market is anchored by the sprawling Memorial Herman Hospital complex, Memorial City Mall, City Centre, and an assortment of office, resident and mixed-use projects. The affluent Memorial Villages are also located nearby. The area continues to mature, and more office, multi-family, medical and mixed-use developments are consistently being announced.

HIGHLIGHTS:

• Inside Beltway 8 on I-10
• I-10 frontage with excellent ingress and egress from freeway
• Close to Memorial City Mall & City Centre (<1 mile)
• Anchored by Hobby Lobby, Home Depot, & Bel Furniture
• 275,048 VPD on I-10 at Beltway 8