Northwest quadrant of SH 281 and Loop 1604, San Antonio, Texas

At this prominent intersection in northwest San Antonio, the Greenway team saw an opportunity to acquire land at an excellent value and provide investors with solid returns.

In the mid-1990s, Greenway Investment Company acquired (in two transactions) 60 acres of land at the northwest corner of SH 281 and Loop 1604.

Just one year later, Greenway sold 19.48 acres of the property to Wal-Mart. On this transaction alone, the total investment was repaid. But the Wal-Mart sale continued to pay dividends as other retailers were attracted by the traffic that Wal-Mart would generate. Security Service and Sonic each purchased sites, further increasing investor value. Capitalizing on the momentum of these sales, Greenway quickly closed on ground leases with four prominent quick-service food retailers. These leases provide excellent incremental income.

The majority of the remaining land was sold to Costco. This success story is still being written: Greenway has developed its own retail center on the site, between Wal-Mart and Costco, with tenants including Cheesy Jane’s, Tin Star, Leslie’s Pool, and Payless Shoes, among others.

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275 W. Campbell Road, Richardson, Texas

In evaluating this 147,000 SF office building, the Greenway team saw a property that was in a prime location yet was clearly underperforming. It was evident that a few strategic updates would provide the potential for a significant return on investment.

In 1996, Greenway Investment Company acquired a six-story office building in the heart of the Telecom Corridor^® in Richardson. Though the property was 80 percent occupied, lease rates were well below the market average.

Greenway began an aggressive update plan for the building, including a major cosmetic overhaul to the lobby area—including new color schemes, furniture, and plants—and the construction of 66 revenue-generating covered parking spots. The occupancy rate remained strong, and average lease rates were increased by 50 percent within two years.

In 1998, at the height of the telecommunications boom in the Dallas area, Greenway sold the property for roughly 200 percent of the purchase price.

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Southwest corner and southeast corner of Highway 114 and Main Street, Grapevine, Texas

Greenway realized that the residential demographics of northeast Tarrant County were increasing each year to the point that the commercial and retail demands exceeded what then existed.

In the mid-1990s, Greenway Investment Company acquired approximately 73.5 acres of land located at the southwest corner and 11.5 acres on the southeast corner of Highway 114 and Main Street in Grapevine, Texas, for a total of 85 acres. These 85 acres abut the Dallas/Fort Worth International Airport. Within one year, Cinemark utilized 16 acres for a 90,000 SF movie theater, and Greenway developed pad sites for Tony Roma’s, El Fenix, Spring Creek Barbeque, and Olive Garden, which front Highway 114, forming a restaurant row. This fast-growing development drew additional users such as Freeman Auto, Stacy Furniture, Main Event, Holiday Inn Express, Joe’s Crab Shack, Saltgrass Steakhouse, and NTB. Both Saltgrass and Joe’s are the two top-producing locations in their respective chains.

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Eastside, a 14.8-acre development in Richardson, Texas

Greenway saw that the city of Richardson was on its way back from the burst technology bubble and took advantage of a rare combination of vacant land and unused parking to create the first upscale, mixed-use property in the area—adding a new dimension to the ongoing revitalization.

In 2005,Greenway Investment Company joined a partnership of companies developing Eastside, a 14.8-acre development at the southeast corner of Campbell Road and Central Expressway in Richardson, Texas. Eastside already consisted of an 189,000 SF office building that only used half of an adjacent 10-story parking garage.

The rest of the property was vacant, but with the community strongly recovering from an economic downturn, the partnership took advantage of the open land and parking to develop an upscale mixed-use property that will be unlike anything else in the area.

The centerpiece of the Eastside redevelopment is a 2-acre park with an amphitheater, interactive fountains, and other attractions. Additionally, 450 apartments near the existing parking structure will take advantage of the unused parking spaces. Plus, as much as 90,000 SF of high-end retail and restaurants will be at the corner of Campbell Road and Central Expressway.

By combining attractive retail, park, and multifamily components in a setting that’s easily accessible by car and public transit, Greenway is bringing a new dimension to the revitalization of Richardson.

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A city block at the southwest corner of Lemmon and Carlisle in Dallas, Texas

Because the area surrounding the long-vacant property had developed substantially, and because the property was a primary access point to the Katy Trail, Greenway realized that the property would be a desirable location for a mixed-use development.

In 2005, Greenway Investment Company purchased a city block in the highly desirable Uptown area of Dallas, Texas: the southwest corner of Lemmon and Carlisle. Although the surrounding area had matured in recent times, the location that Greenway purchased had remained unused for many years.

Because of the maturation, area around the property, and the location’s easy access to the Katy Trail, Greenway identified the opportunity that the property presented: it was a strong candidate for a mixed-use development that would combine multifamily housing, restaurants, and retail.

Greenway repositioned the property by having it rezoned so that it could have a much higher density—a shorter building with much greater lot coverage. As a result, the location can support a substantial retail base without blocking the downtown views of the surrounding high-rises.

In partnership with a multifamily developer, Greenway is developing a property that will feature 25,000 SF of retail—including 18,000 SF for restaurants—as well as structured parking, and four stories of multifamily housing. Greenway is aiding in the continued revitalization of the Dallas neighborhood, bringing more residents and pedestrians into the city.

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