(For more retail coverage, click GlobeSt.com/RETAIL.)
HOUSTON-HealthSouth Corp. has renewed a three-year lease for 2,460 sf in Kingwood Shopping Center. The physical rehabilitation services' tenant has been in the center for 10 years.
The going rate for the 1331 Kingwood Dr. center hovers $16 per sf to $17 per sf, on an annual basis. "The final deal was fairly close to the rate, just a stone's throw from that," Shawn Ackerman, senior vice president of Henry S. Miller Commercial's Houston office, tells GlobeSt.com.
Ackerman represented the building owner, Houston-based VIF Kingwood Partners LP. Brian Bacharach with Lincoln Harris CSG's Dallas office structured the pact for the Birmingham, AL-based HealthSouth.
Ackerman points out that HealthSouth is just one of many leases signed in the past six months at Kingwood Shopping Center, a 155,699-sf asset constructed in 1980. Occupancy is now 82%, with recent deals coming from Lady of America, Dahn Yoga, Vitamins & Such and Wachovia, which leased an out-parcel building to open an ATM location.
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