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HOUSTON-Cartridge World, one of the fastest growing retailers in the nation, has inked two leases to take its total store count to eight in the city. The retailer, signing five-year pacts, has tapped shopping center space in Parkway Villages in West Houston and Meadows Marketplace in Katy.
Australia-based Cartridge World, which is franchise driven in the US, prefers five-year lease terms with options, says Matt Reed, an associate with locally based NewQuest Properties who represents Tim Lawrence, Cartridge World's southeast Texas franchisee.
Reed tells GlobeSt.com that Cartridge World locations range from 1,000 sf to 1,400 sf. The retailer, which refills ink jet and laser printer cartridges for half the price of new cartridges, also gravitates toward grocery-anchored centers that are convenience oriented. "They want something that fits with the regular shopping pattern," he says.
Reed says the franchisee expects to add 10 to 15 new stores this year for a plan to have 40 in the Greater Houston region over the long haul. A 1,200-sf store will open in the 160,000-sf Meadows Marketplace, which is under construction at the southwest corner of Fry Road and Grand Parkway. The center, anchored by an H-E-B grocery store, is being developed by Fidelis Realty Partners and Eastbourne Investments Ltd. The center has an asking rate in the high $20s per sf. Cartridge World's grand opening is planned for August.
Lawrence plans to open a 1,400-sf spot in June in Parkway Villages, owned by Omaha-based Richdale Group. The 120,185-sf center at the northwest corner of Briar Forest Drive and Eldridge Road is anchored by a Kroger grocery store. Built in 2000, the center is nearly completely full. It has an asking rate of $25 per sf to $27 per sf, triple net.
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