(For more retail coverage, click GlobeSt.com/RETAIL.)
HOUSTON-The locally based Triyar Management of Texas is pushing 99% occupancy in its 219,481-sf Deerbrook Plaza with the addition of two new tenants and a soon-to-be-signed deal for a third one.
Rockin' Baha leased 4,875 sf and Jack's Carpet Inc., took 4,000 sf in the shopping center, located at 9717 FM 1960. L. Ace Schlameus, vice president of the Houston office of Grubb & Ellis Co., says a lease for a third tenant, a high-profile regional company, is currently under negotiation.
Schlameus, who represents Triyar, tells GlobeSt.com that the both leases have five-year terms. End-cap rates are quoted, on average, at $1.70 per sf. He adds Jack's Carpet took the space as is while some upgrades to the Rockin' Baha space were required.
Rockin' Baha, a restaurant chain based in San Diego, will be opening its first Houston restaurant. "It's a Mexican seafood concept," Schlameus explains, "and they're expecting to put four or five more of these in the Houston area." Meanwhile, the transaction for Jack's represents an expansion of a local company with "has facilities all over town," he says.
The spaces, which were dark less than 30 days, formerly housed a Classico restaurant and Mattress Firm. "The Mattress Firm did so well in that location, they ended up leasing 6,000 sf down the street," Schlameus says.
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