• September 21, 2014

FOR SALE IN COVE

H-E-B hopes to sell building soon that housed its old Copperas Cove store

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Posted: Friday, February 22, 2013 4:30 am | Updated: 11:52 am, Wed Jul 16, 2014.

San Antonio-based H-E-B Grocery Co. already has experienced some interest in its old facility and properties at 804 E. U.S. Highway 190. The company listed the asking price for the properties at $5.3 million.

“It is a good location and we are hoping that we will sell it soon, and that we will have a good tenant in there for the community,” said Tamra Jones, a spokeswoman for the company. “We have had some talks if you will ... but no contracts have been signed.”

According to sales information from H-E-B, the facility, that sits on 6.7 acres of land in the middle of the city on U.S. Highway 190, is about 49,000 square feet of retail space.

H-E-B moved out of the location at the beginning of February to open a store at the Five Hills shopping center less than two miles away. The new facility became the company’s 12th H-E-B Plus location, more than doubling its space in Copperas Cove and added more product diversity for shoppers.

According to the sale information, a potential buyer also would have a deed restriction of 55 years against operating a grocery store, fuel and pharmacy at the site.

“It is about finding the right retailer for the right location,” Jones said, about selling the property in lieu of the restriction. “There could be a retailer out there that is looking for that spacing and that is what we are hoping to find.”

Jones said the space doesn’t have to be sold to just a retail business. Other former H-E-B buildings have been purchased by schools, food service industry businesses and other companies.

One perk about the building is the location, Jones said.

According to the sales information, the U.S. Census Bureau estimated about 13,000 people live within a one-mile radius of the facility, 32,000 people live within three miles and 44,000 people live with five miles.

Despite H-E-B selling the property as one lot, the Coryell Central Tax Appraisal District shows 6.7 acres as two lots: a larger lot of about 4.9 acres and a smaller property of 1.8 acres. The smaller of the two lots was purchased by H-E-B in 2010 after it was sold by Cove Ford, which operated a car lot on the smaller site.

While the district’s website doesn’t reflect market values, the county appraisers estimated the smaller lot’s value at $420,000. The larger lot, where the building sits, was appraised at about $2.7 million by the district.

The locations pay an estimated $80,000 in taxes a year, stated H-E-B’s sales information.

Jones didn’t say if the company has had problems selling similar lots, such as its site in Belton where another H-E-B was relocated into an H-E-B Plus just miles down the road. However, she admitted the company did release the sale information to all Central Texas area brokers to encourage the purchase of the property.

“Hopefully, we get some interest generated that way,” she said. “The sooner (the sale) the better. It is not always the best to look at a vacated building, so we are trying to get it sold as soon as possible.”


 

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