(For more retail coverage, click GlobeSt.com/RETAIL.)
HOUSTON-ACE Cash Express Inc. has signed a three-year, 2,810-sf lease for the Bissonnet Retail Center, marking a return to the space after a re-branding and restructuring.
"Ace's rate was way above market in terms of the deal," says Shawn Ackerman of Henry S. Miller Commercial's Houston office, who represented the building owner, Bissonnet Realty Partners Ltd. of Sugar Land, in the transaction for the 9819 Bissonnet St. center. ACE was self-represented through Kyle Moser.
The reason for the higher than average lease rates is because ACE, a former tenant in the center, had vacated its space for a time and required remodeling because of the company's restructuring and a refurbishment of the brand's image. ACE, headquartered in Irving, TX, is the largest owner, operator and franchiser of check-cashing stores in the US.
"They basically re-branded their store and their image," Ackerman tells GlobeSt.com. "The new brand recognition has required a lot of remodeling dollars." Built in 1983, the 104,000-sf Bissonnet center is 92% occupied with tenants like Family Dollar and Iglesia De Dios Ministerial De Jesucristo International Ltd.
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.
