A Houston-based investment group has purchased Seguin Crossroads Mall, formerly known as Five Courts Mall, with plans to 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. .
Currently, only 32% of the mall is occupied and PBC Interests is working to attract more national, regional and local retail businesses with the aim of opening by spring 2023.
At time of purchase, center occupancy was 32%, including Tractor Supply, Pet Supplies Plus, Office Depot, Planet Fitness and The Cranny. PBC Interests is in discussions with national, regional and local tenants to help fill vacancies and expects the redevelopment to be completed and tenants to open in the spring of 2023. Charles Blaschke and Logan Havel of Edge Realty’s Houston office Partners actively market on behalf of PBC’s 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, the quality commercial spaces of Corridor 123 in Seguin are 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.