Click here to see “Part 1” of this post
View of 2301 Fulton Street in Houston TX from Quitman Street (Google Maps/Streetview)
This is the second in a series of posts taking a close look at a commercial property in Houston Texas owned by a company with ties to the Chedraui family. The first post traced the formation of the company, named Fulton Square, Inc. This post examines Fulton Square’s land deal.
A Purchase and Sale Agreement for the purpose of transferring ownership of 2301 Fulton Street in Houston was “dated effective March 4, 2003” between Fulton Square, Inc. (as buyer) and Fulton SE, L.P. (as seller) according to an Assignment and Assumption of Leases signed in May, 2003 by the companies. Both companies had the same mailing address (excerpt at right).
Fulton Square, Inc. was incorporated on April 17, 2003.
The assumption deed transferring ownership between Fulton Square, Inc. and Fulton SE, L.P. was signed May 14, 2003 by the companies. As part of the purchase, Fulton Square, Inc. took on $800,000 in debt that Fulton SE L.P. still owed against the property, and the mortgage lender signed the deed on May 20, 2003. The full purchase price was not included in the deed. The loan was fully paid off by 2010.
Both the deed and a separate loan-related document executed by Fulton Square, Inc. on May 14, 2003, included space for signatures from Antonio Chedraui and Alfredo Chedraui, but neither Chedraui signed the documents. We don’t know when the deed and loan documents were typed up.
The property was valued at $1,385,991 as of January 1, 2017 for tax purposes by the Harris County Appraisal District.
Documents:
• Articles of Incorporation
• 2003 Assumption Deed
• 2003 Loan Agreement
• 2003 Assignment and Assumption of Leases
• 2010 Release