FLASH STAFF REPORT
STEPHENVILLE (February 1, 2017) – In a recent report, The Flash revealed information about H-E-B purchasing some land on Park Drive in Stephenville. Wednesday, another search unveiled the purchase was actually two city lots which brings the total amount of land to more than a full acre (1.07 acres).
This single purchase is the first land purchase by H-E-B in the Stephenville city limits despite having operated for more than 25 years in the city. The property and building currently occupied by H-E-B is owned by Stephenville Partners, a company based in Pennsylvania. And while no public records indicate the purchase of that property, rumors of possible expansion plans by the grocer abound in Stephenville.
Calls to HEB’s corporate offices went unanswered, however, Tamra Jones, with HEB’s Central Texas Office in Austin said Tuesday that while HEB was “always looking for new opportunities to serve its Stephenville area customers, at this time, I cannot release any news about store property in Stephenville.”
According to a local real estate developer familiar with the situation, “Stephenville’s HEB store is one of the company’s most profitable stores, per square foot, in the region. And, it’s common for real estate owners and developers to seek out large chains and renovate or expand to suit those businesses’ needs.
“The return for the property owner would be a long-term leasing agreement with the hope of eventually paying for the work done and then continuing the investor’s income flow into the future. At the end of the leasing agreement, the owner can turn around and offer the property to a similar business or sell it to a business.”
The same developer said other business and property owners near the current HEB location had been approached by someone representing the company. However, it is unclear at this time if any more property has been purchased.
The Flash will continue to investigate the situation.