A Houston-based investment group has purchased Seguin Crossroads Mall, formerly known as Five Courts Mall, and will soon transform the mall.
PBC Interests, led by Joan Collum and Stephen Pheigaru, has purchased the nearly 40-year-old center at 1500 E. Court St., Seguin Economic Development Corporation executive director Josh Schneuker said in a news release announcing the sale.
Investors plan to renovate and update the 126,000 square foot center, including painting the exterior, adding new lighting, reconfiguring the parking lot and installing new signage strips for tenants, Schneuker wrote. .
“For a long time, and you can still see it today, this property has seen better days,” he said. “There wasn’t a lot of TLC in the building, which really put a lot of retailers off wanting to enter this space. Now that the property has been acquired by PBC in Houston, they are interested in remodeling the center, giving it new life.
Currently, only 32% of the mall is occupied and PBC Interests is working to attract more national, regional and local retail businesses to fill vacancies in the facility, aiming to open by spring. 2023.
At the time of purchase, center occupancy included Tractor Supply, Pet Supplies Plus, Office Depot, Planet Fitness, and The Cranny, among other businesses. Annie Allen, manager of The Cranny, said she looked forward to new tenants in the mall eventually driving traffic to the donation-based thrift store.
“I hope it does,” she said. “There’s not a lot of stuff here. With other companies, we hope this is the case.
Charles Blaschke and Logan Havel of the Houston office of Edge Realty Partners actively market on behalf of PBC Interests.
“We are delighted to have acquired Seguin Crossroads Shopping Center,” Column said. “I have been interested in the Seguin Market for years and have always had my eye on Seguin Crossroads. When it became available it was a major goal for us to acquire this property.
The mall’s prime location was a selling point for investors, Mr. Collumn said.
“The center is located near retailers such as HEB and Walmart, as well as major employers such as Guadalupe Regional Medical Center, Alamo Group and Seguin ISD,” she said. “Seguin has always been a stand-alone market, but with this redevelopment and the proposed national users of soft goods filling the old Bealls on the west side of State Highway 123, Seguin has become a target for more retailers. Our initial conversations with the Town of Seguin and EDC Seguin about this project have been very positive and we look forward to working with the people of Seguin for many years to come.
With downtown revitalization on the horizon, Schneuker is excited about the possibilities.
“We are delighted to be working with Joan and Stephen on the future redevelopment of the Seguin Crossroads Mall,” he said. “With all the growth we are experiencing in the city, quality commercial space on Corridor 123 in Seguin is in high demand. The redevelopment of this mall will create opportunities for new retailers to enter the Seguin market. This will help expand and diversify the retail options that citizens of Seguin can access without having to leave the shopping area, ensuring the continued growth of our tax base.
The mall’s revitalization is expected to bring new jobs to the city, Schneuker said. It’s hard to estimate the number of new hires, but judging by the amount of retail space available at the property, he speculates that a combination of around 50 full-time and part-time positions could come with the reopening.
He expects the recent sale of the mall to have other residual effects for Seguin, Schneuker said.
“It will definitely help improve the quality of life,” he said. “We’re trying to expand the retail opportunities so people don’t have to go to New Braunfels or San Antonio. Bring more shopping and retail options to town, which will create a better quality of life for people so that they don’t have to drive 30 minutes or an hour to meet some of their shopping needs by retail.