FOR IMMEDATE RELEASE
October 10, 2007
Contact: Terri Norman, The Vista Companies, (281) 395-5533, ext. 1003,
VISTA EQUITIES GROUP AND VISTA PRIVATE EQUITY GROUP, LLP
ACQUIRE 6.7 ACRES ALONG I-10 AND WESTGREEN
HOUSTON (OCTOBER 10, 2007) – Vista Equities Group and Vista Private Equity Group, LLP announce the formation of Vista I-10 Partners, Ltd. and the subsequent acquisition and development of a 6.7-acre parcel at the SWC of Interstate 10 and Westgreen in Houston, Texas. According to Brent Mann, partner of Vista Private Equity Group, the site will feature primarily retail components, including a CVS Drug Store.
Interstate 10 is one of the most heavily traveled interstate routes in the country, currently carrying in excess of 220,000 vehicles per day. The Texas Department of Transportation has recently completed the widening of Interstate 10, at the Westgreen intersection, to ten primary east-west lanes and six service road lanes along with dedicated on/off ramps on Interstate 10 to Westgreen. As part of that expansion, Westgreen Boulevard has been extended north of Interstate 10, to create a major intersection in this area of far west Houston.
Acquisition and development financing was handled by Jay Ohrt, Vice President of Green Bank. The transaction closed in October 2007 and work is scheduled to begin during the first quarter of 2008 on the infrastructure to service the project. Staubach Retail Services represented the seller and both Tom Bell and Steve Jarnigan of Reliant Commercial and Raj Mansukhani of McAlister Company, respectively, represented the buyer in the transaction.
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About Vista Equities Group
Vista Equities Group is part of the Vista Companies, a Houston-based real estate services group led by longtime developer, Woody Mann. Vista Equities focuses on the development of new properties and the acquisition of existing income-producing properties. Vista Equities’ sister firm, Vista Management Company, provides leasing and property management services for third party owners and Vista’s own investment partnerships. The senior development and property management team represents more than eighty-five years of experience in the Texas real estate market. For more information on the Vista Companies, please visit our website at www.vistahouston.com.
About Vista Private Equity Group, LLP
Vista Private Equity Group is a Houston-based private equity / real estate development firm led by Greg Houghtaling, Kurt Keene and Brent Mann. Vista is focused on generating ground up retail, medical, and urban mixed-use development projects. In addition to real estate development, Vista also provides equity capital to support private companies facing an ownership transition or transformative growth initiatives. For more information, please visit our website at www.vistagroupllp.com.