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Park Towers and Edwards Greenway Cinema to be Sold in Foreclosure Auction

TPMC Realty Auctioning Off Interests in Park Towers and Innova Theater and Retail
May 30, 2018

Pictured: The 18-story Park Towers South building in Houston.

JLL, on behalf of Dallas-based commercial real estate investment firm TPMC Realty, is preparing to auction off 100 percent interest in the Park Towers at 1233 and 1333 West Loop South in Houston’s Uptown area.

The foreclosure auction also includes TPMC's full stake in the Innova Theater and retail at 3839 Weslayan and 3838 Norfolk, commonly known as Edwards Greenway Grand Palace 24. The interests are being offered "as-is, where-is," according to the UCC advertisement in the Wall Street Journal's Property Report.

Combined, Park Towers offers 545,242 square feet of office space in twin 18-story towers. Park Towers North is currently 61.5 percent vacant, while Park Towers South is 64.2 percent vacant, according to the latest CoStar data. TPMC Realty recently completed a $16 million renovation project at the two buildings.

Edwards Greenway Grand Palace 24.

Part of a mixed-use development located in the Greenway Plaza, Edwards Greenway includes a 120,000-square-foot Edwards Theater Circuit - a two-story, stadium-style megaplex - as well as 31,693 square feet of retail/restaurant space located in the main theater lobby that is currently unoccupied. There are 2,200 parking spaces at 3838 Norfolk available in an attached and secured multi-level parking garage.

The UCC public sales notice also identified BREF IV as having a mezzanine loan on the assets, granting the borrower first priority lien on the interest.

The auction is set to take place on June 10 at 3pm in the offices of Cleary Gottlieb Steen & Hamilton at One Liberty Plaza in New York City. All bids must be cash and the successful bidder must deliver funds within 24 hours.

JLL declined to comment when reached by phone. TPMC Realty could not be reached for comment.

Kyle Hagerty, Houston Reporter  CoStar Group   
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