Travis Land and John Ferruzzo of NAI Houston represented the building owner, the Mahoney Revocable Trusts of Houston. Yarns-2-Ewe represented itself.
According to Land, an associate with NAI Houston, the original ask at negotiation was 75 cents per sf gross. The final deal was signed "slightly south of that," he adds. In addition, Land tells GlobeSt.com, minor tenant improvements for the property, built in 1979, came with the deal, including some touch-up paint and new carpeting. The changes, however, were mainly cosmetic, with no major renovations required for the tenant. "Mainly, it was an as-is type of deal," he says.
The transaction represents a relocation for Yarns-2-Ewe, which will move from 603 W. 19th St. into the Shepard Drive store, which was formerly leased by Stephen's Art & Custom. Yarns-2-Ewe moves in Sept. 1.
"Basically, this is a local company that has one location," Land explains. "Their business is growing at a phenomenal rate, which necessitated the move from their current place off 19th Street and Shepard in the Heights to this new location. It'll give them both increased visibility and larger space."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
