Levcor, a Houston-based real estate developer, is buying two shopping centers in College Station near Texas A&M University.
The 42-year-old firm mainly operates deals in Texas and North Carolina. The two College Station properties—totalling 184,000 square feet— will be the company’s first investment in the city, according to the Houston Chronicle.
The proximity to the campus and accessibility of the property were part of the decision to invest in the property and neighborhood, according to Levcor. The average median income of the college town is $47,456, according to the latest U.S. census data.
Levcor President Larry Levine, a Texas A&M graduate, said that “acquiring these two properties in the city of my alma mater and enhancing them with new retailers and restaurants continues to elevate the city’s national visibility.”
The firm plans to bring new “restaurant, retail and entertainment concepts to the local communities,” said senior VP Justin Levine.
The first property, Texas Avenue Crossing, is an 87,000-square-foot center at 1416 Texas Avenue South. Anchored by a Bed Bath & Beyond, the complex is expecting several new tenants such as Total Wine & More and Boot Barn.
The other acquisition, University Park, is a 97,000-square-foot shopping center on 9.2 acres at 601 University Drive. The complex is anchored by grocer H-E-B, which has a lease until April 2023. Levcor is evaluating the needs of the neighborhood and community to determine the best options for the property, according to the announcement.
Earlier this month, Stacey Vasquez, the City of College Station Economic Development Coordinator, told local news station KBTX4 that the pandemic may have halted some growth but the city is expecting a number of new developments this year.
“Currently under construction, we have Mission Ranch and we have Greens Prairie Reserve. We have the midtown development at Midtown City Center, so I mean there’s quite a lot going on and more to come so we’re super excited about all the new residents that we’ll have here in the city,” she said. “I think we’re only going to see continued growth.”
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[Houston Chronicle] — Maddy Sperling