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Developer Fires Up Addition to Market at Lake Houston

HUMBLE, TX-Continuing its aggressive expansion plan, Wachovia has executed a 49,223-sf ground lease for the Market at Lake Houston. The deal opens doors to begin work on 60,000 sf of junior anchor space in the 107,000-sf shopping center.

By Amy Wolff Sorter | Updated on September 20, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

HUMBLE, TX-Wachovia Corp. has executed a 49,223-sf ground lease to build a bank in the Market at Lake Houston, a 107,000-sf shopping center that’s pushing 100% occupancy. The pad site deal kicks off a second wave of construction to tack 60,000 sf of junior anchor space onto the center.

The Market at Lake Houston, owned by Lake Houston/1960 Partners II Ltd., is situated at the intersection of FM1960 and West Lake Houston Parkway. On average, Wachovia has been spending about $3 million to develop branch locations, including land costs, in the Texas markets.

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