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re: Alright Ballers, who's spending their pocket change? Perkins Rowe for sale
Posted on 5/28/15 at 12:26 pm to yellowhammer2098
Posted on 5/28/15 at 12:26 pm to yellowhammer2098
quote:
yellowhammer2098
underwrite it yourself and see.
CoStar says their rent psf is average 1.39 psf
their commercial leases are shitty and doesn't help that they also have condos (loss revenue).
try harder bammer
1
Posted on 5/28/15 at 12:38 pm to biglego
quote:
Its nice living in a world class city.
It would be, but what does the below statement have to do with a world class city?
quote:
The Houston area supports like 10 Perkins Rowe type places
Posted on 5/28/15 at 12:41 pm to DVNO
(no message)
This post was edited on 5/29/15 at 8:40 am
Posted on 5/28/15 at 4:13 pm to biglego
Houston and Baton Rouge have a lot in common. They both have excessive sprawl for their populations, a downtown that looks like a relative ghost town during non-working hours (except for weekend nights), and very few people are going out of their way to schedule a vacation there. Both cities appear to be working their downtown issues though so hopefully that will be better in a few years...
Posted on 5/28/15 at 4:14 pm to kingbob
Nick Saban is about to spend his Alabama money.
Posted on 5/28/15 at 5:07 pm to yellowhammer2098
Perkins Rowe has been somewhat of a disappointment to me. I liked the initial phase and the way things were going around 2007-2008. Seems like it lost steam and never added the hotel that they talked about along with phase 2.
Posted on 5/28/15 at 5:22 pm to kingbob
A dumpy strip mall with lower-class clientele? I'm sure they'll be beating potential buyers back with a broom.
Posted on 5/28/15 at 5:33 pm to Paul Allen
quote:
Perkins Rowe has been somewhat of a disappointment to me. I liked the initial phase and the way things were going around 2007-2008. Seems like it lost steam and never added the hotel that they talked about along with phase 2.
Yep, the recession did them in, traffic did the rest.
Posted on 5/28/15 at 5:35 pm to kingbob
Yeah, but the recession isn't forever. Not sure why the initial plans and retailers didn't come back post recession.
Posted on 5/28/15 at 5:37 pm to Paul Allen
quote:
Yeah, but the recession isn't forever. Not sure why the initial plans and retailers didn't come back post recession.
Legal issues. Spinosa was a shady dealer and had waaaaaaaay over-leveraged the initial phases. The recession hit him hard and he ended up bankrupt. Throw in shoddy construction leading to expensive costs to repair stuff, less money than expected from rents and condo sales, the banks taking over parts while Spinosa still maintained control of the AC and water systems, and you have a huge mess that most developers and retailers didn't want to touch.
If a competent buyer buys it now, the area may be ready for a phase 2. If you look on a map, you'd see that roughly 30% of the property remains to be developed.
This post was edited on 5/28/15 at 5:39 pm
Posted on 5/29/15 at 10:25 am to kingbob
Good points
Posted on 5/29/15 at 10:30 am to DVNO
That place is worth well over 100 million. You yet forget that the Nueromedical Center is part of it. When you emcompass all assets of PR its worth well over $100 million. It's not just a shopping center and apartments.
Posted on 5/29/15 at 10:33 am to biglego
quote:
The Houston area supports like 10 Perkins Rowe type places. Its nice living in a world class city.
Houston...world class?
Posted on 5/29/15 at 10:40 am to Topwater Trout
Would not surprise me if PR is either bulldozed or a ghost town in 25 years.
Posted on 5/29/15 at 10:41 am to Solo
The next Catfish Town?
Posted on 5/29/15 at 10:42 am to Topwater Trout
quote:
Houston...world class?
6 million people vs 800,000 people.
Houston Metroplex has almost 8 times as many people as the Greater Baton Rouge area. There's no surprise that it can support more Perkins Rowe type developments.
As for world class, Houston just barely cracks the top 50 list of largest metro areas in the world.
Posted on 5/29/15 at 10:43 am to kingbob
When is Houston going to overtake Chicago as the third largest city in U.S.?
Posted on 5/29/15 at 10:45 am to Solo
what makes you say that?
Posted on 5/29/15 at 10:59 am to Paul Allen
I'm too young to remember well, but what was catfish town like when it first opened?
Posted on 5/29/15 at 11:35 am to kingbob
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