Levcor Inc

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The Centre at Baybrook LEVCOR, Incorporated, purchased the 450,000 square foot The Centre at Baybrook in November 1992, from Texas Commerce Bank who had foreclosed on the property. Originally constructed in 1984 as an off-price “mini-mall” known as the Deauville Fashion Mall, this property was a well-located design failure. First City Bank foreclosed and sold the center to Trammel Crow in 1989 with funds loaned by Texas Commerce Bank. After the Deauville Mall project became idle, Texas Commerce Bank foreclosed again in 1992. At the time of LEVCOR, Incorporated’s acquisition in 1992, the property was 31% leased. The anchors were Loews Theatre, Builder’s Square and Pappas Seafood in a freestanding building. Envisioning a power center, LEVCOR, Incorporated gutted the main 300,000 square foot building, removing the mall layout, and preparing the space for deep bay “big box” tenants with glass storefronts and entrances into the parking lot instead of an interior hallway. Forty separate small lease spaces were consolidated into eight large spaces. LEVCOR, Incorporated’s low cost basis gave it the edge in competing for mega-store power tenants which all sought a location near Baybrook Mall, one of the most successful malls in the State of Texas. In less than 18 months, LEVCOR, Incorporated reconfigured the space and leased over 250,000 square feet to new tenants. New anchors included Best Buy, Leaps N’ Bounds, Sears Homelife, Oshman Super Sport, Steinmart, Boater’s World and Oak Crafters Furniture. The Centre at Baybrook was leased to 99% within the 18-month period. The key elements to LEVCOR, Incorporated’s success in the endeavor was a smart economical redesign of the space, strong relationships with national anchor tenants, aggressive leasing effort, below market rents made possible by low-cost basis, strict control of costs, a reputation for professionalism and attention to detail, and efficient property management and development that delivers high-quality service to the tenant. In 1995 with the Retail REITs aggressively acquiring Class “A” retail properties, LEVCOR, Incorporated sold the Centre at Baybrook, realizing a very substantial profit on behalf of its partners. Kirby/Richmond Plaza LEVCOR, Incorporated acquired Kirby/Richmond Plaza in September 1989. The center was 100% vacant at the time of acquisition. The original anchor, Kroger, had vacated its 34,000 square foot store prior to LEVCOR, Incorporated’s purchase. LEVCOR, Incorporated divided the old Kroger space and leased part of it to Office Depot and the balance of the space to small tenants. LEVCOR, Incorporated then added a strip of 16,000 square feet facing Richmond Avenue, anchored by Pizzeria Uno, along with additional parking. Today, the shopping center is 95% occupied. In 1997 the center was refinanced. Tully/I-10 Shopping Center LEVCOR, Incorporated acquired Tully/I-10, an old K-Mart store, in September 1995 at which time it was a vacant building. When sold in 2006, Tully/I-10 was 100% leased and home to Whataburger, Recreational Factory Warehouse, Metropolitan Furniture, Golf Warehouse, Suit Max, Seeker’s Grocery Store and Kinko’s.

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