(For more retail coverage, click GlobeSt.com/RETAIL.)
HUMBLE, TX-The once-slumping Atascocita Plaza is seeing a boost in activity, with three new tenants already signed and talks under way for four renewals and three more newcomers.
The just-signed leases were inked by Panda Express, which penned a 20-year deal for a 27,865-sf pad site; Decorate for Less, signing a seven-year lease for 17,000 sf of inline space; and All Star Signworks, filling 1,400 sf with a medium-term deal. The repositioning began last fall when Fowler Trinity Properties, made up of partners in Dallas and California, bought the 157,000-sf shopping center at 6900 FM 1960 East.
Fowler Trinity Properties has put approximately $800,000 into the 23-year-old plaza "to give it a facelift," says Shawn Ackerman, senior vice president of Henry S. Miller Commercial's Houston office, who with Jason Gaines is responsible for leasing the asset. "When the owners first purchased the property, it was tired, the stores looked beat up."
In an example of the renovation, the pad site taken over by Panda Express was at one time a Pizza Hut. Trinity Fowler scraped the pad after Pizza Hut vacated last year, Ackerman says. The center is still undergoing renovation, but he says the work is expected to be completed in first quarter 2006.
Ackerman says leasing activity has been strong. "We currently have four renewals out for signature and are working on three new leases that will close within the next two or three weeks," Ackerman tells GlobeSt.com. Once the deals close, he notes, approximately 115,000 sf will be leased up.
Quoted lease rates on the property run approximately $16 per sf annually, with nets running about $4 per sf. However, "We've signed deals as high as $17," Ackerman says.
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.
