By Jim McAlister IV, President & Chief Executive Officer
Rockspring Capital has many things to be grateful for in 2015, including its sold property receiving the Houston Business Journal’s “Deal of the Year” in Retail on January 26. Selections were made by a panel of judges containing members of the Houston business community as well as the Houston Business Journal newsroom.
In November 2014, Rockspring purchased a 4-acre site in Houston located at the corner of Yale Street and North Loop 610, a transitioning submarket changing from industrial uses to residential. The property was a covered land play, or a tract of land that had an existing building generating cash flow but it would someday have a higher, better and more valuable use. Due to the high demand in the area and the rapid increase in value, we knew that there was potential for a high return. This paid off a lot sooner than we thought.
The initial plan was to hold on to this property for a few years, but just seven months after the purchase, Rockspring was approached by a buyer that intends to build a Whole Foods, an international grocery store chain, on the site. This investment proved to be very successful for Rockspring and our investment partners.
We continue to be on the look out to invest in creative investments that draw from our local market knowledge to reward our investment partners.