New owner purchases Chimney Rock-Bellaire shopping center

A two-building shopping center at Chimney Rock Road and Bellaire Boulevard has new ownership.

JCV Capital Inc. placed the winning bid out of nine offers for the 23,217-square foot-property, sold by F6 Properties, according to a news release, with a closing over list price.

“This is a great property in a great location,” said Kelley Workman, vice president of Houston-based NewQuest, who represented the seller, in the news release. “I’ve only had one other sale close over list in my 25-year career.”

The shopping center, located at at 6720 Chimney Rock Road and 5504 Bellaire Blvd., is 99% leased, according to the news release. The shopping center was under contract before the coronavirus outbreak.

“Every tenant has renewed and paid their rent for April,” Workman said. “It’s the location that makes that possible.”

LYT Realty Inc. represented the buyer, a restaurateur with a portfolio of dining establishments and residential rental properties.

In the 5-mile trade area surrounding the shopping center, there are 541,505 residents, 17.4% of who earn at least $150,000 per year, according to the news release.