A Houston-based investment group has bought Seguin Crossroads Shopping Center, formerly known as Five Courts Mall, and will soon transform the retail hub.
PBC Interests, led by Joan Collum and Stephen Pheigaru, purchased the almost-40-year-old center located at 1500 E. Court St., Seguin Economic Development Corporation Executive Director Josh Schneuker said in a news release announcing the sale.
The 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 tenant sign bands, Schneuker wrote.
“For a long time, and you can still see it today, that property has seen better days,” he said. “There wasn’t a whole lot of TLC put into the building, which really deterred a lot of retailers from wanting to go in that space. Now that the property has been acquired by PBC out of Houston, they’re interested in remodeling the center, giving it new life.”
Currently, only 32% of the shopping center is occupied and PBC Interests is working to bring in more national, regional and local retail businesses to fill vacancies at the property with a goal of opening by spring 2023.
At the time of purchase, the center’s occupancy included Tractor Supply, Pet Supplies Plus, Office Depot, Planet Fitness and The Cranny, among other businesses. Annie Allen, manager at The Cranny, said she looks forward to new tenants in the shopping center possibly increasing traffic at the donation-based thrift shop.
“I’m hoping it does,” she said. “There’s not a whole lot of stuff here. With other businesses, we’re hoping that it does.”
Charles Blaschke and Logan Havel with the Houston office of Edge Realty Partners are actively marketing on behalf of PBC Interests.
“We are thrilled to have acquired the Seguin Crossroads Shopping Center,” Collumn said. “I have been interested in the Seguin market for years and always had my eye on Seguin Crossroads. When it became available, it was a major focus for us to acquire this property.”
The shopping center’s prime location was a selling point for the investors, Collumn said.
“The Center is located within close proximity to retail anchors such as H-E-B 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 soft goods users back filling the former Bealls on the west side of State Highway 123, Seguin has become a target for more retailers. Our initial conversations with the city of Seguin and the Seguin EDC on this project have been very positive and we look forward to working with the folks in Seguin for many years to come.”
With revitalization of the center on the horizon, Schneuker is excited about the possibilities.
“We are thrilled to be working with Joan and Stephen on the future redevelopment of the Seguin Crossroads Shopping Center,” he said. “With all the growth that we are experiencing in the city, quality retail space on the 123 Corridor in Seguin is in high demand. The redevelopment of this shopping center will create opportunities for new retailers to enter the Seguin market. This will help expand and diversify the retail options that the citizens of Seguin can access without having to leave the trade area, ensuring the continued growth of our tax base.”
Revitalization of the shopping center should bring new jobs to town, Schneuker said. Estimating the amount of new hires is difficult but judging by the amount of retail space available at the property, he guesses a combination of about 50 full- and part-time positions could come with reopening.
He expects the recent sale of the shopping center to result in other residual effects for Seguin, Schneuker said.
“It’ll definitely help improve the quality of life,” he said. “We’re trying to grow the retail opportunities so folks don’t have to go to New Braunfels or San Antonio. Bring more shopping and retail option in town, which will create a better quality of life for folks so they don’t have to drive 30 minutes or an hour to get some of their retail needs.”