"We are touching all surfaces and basically trying to bring it up to a class A property," William Edwards, senior asset manager for the New York City-based owner, tells GlobeSt.com. The second phase of the 15.8-acre center at 7055 Texas 6 will be completed in March.
The exterior redesign has brought two rooftop towers and a third one's on the way for a shopping center considered to be at the "Main and Main" of one of the most heavily traveled intersections in the northwestern submarket. Copperfield Village's facade will be raised at least six feet with the phase-two work. In addition, its curb appeal will include a color change so the inline space and outbuildings sport the same look as the 61,113-sf Randall's Market, which was renovated in 2003.
Between mid-November and the 2007 close, Shawn Ackerman, SVP in Houston for Dallas-based Henry S. Miller Commercial, renewed pad-site tenant Wells Fargo, which has a 2,400-sf drive-through bank on a 27,430-sf pad site; Ross Dress for Less for its 26,000-sf spot; and Bike Barn for its 6,345 sf. New deals were inked by Massage Envy, which took 3,850 sf, and Panera Bread for 4,500 sf, both of which are anticipated to open by midyear.
Wells Fargo's building will undergo a full-body makeover, with Greenstreet footing the exterior bill and the bank paying for interior upgrades. The bank was on the verge of exhausting all options to its original lease, which began at least 20 years ago, as talks to stay ramped up, according to Gregory Stackhouse, an SVP on Dallas-based Retail Connection's Houston team. Wells Fargo ended up inking a 10-year lease and Massage Envy, also his client, signed a five-year deal, he says.
"With the redevelopment and the other tenants they were bringing to the table, it made sense to stay," Stackhouse says. The Massage Envy shop will be its 23rd one in Greater Houston.
Ackerman says all tenants, except for Wells Fargo, made five-year commitments to the 90%-leased shopping center, now getting its second major overhaul since it opened in the 1980s. "It looks great," he stresses. "But, it will take another year's work to get where we told Greenstreet we could get this shopping center." Omega Construction Inc. of Houston is the general contractor. Heights Venture Architects LLP, also from Houston, crafted the redesign.
Edwards says the 2008 goal is to return occupancy to 96%, a feat he believes is readily within arm's reach due to deals in the pipeline and construction now into its final stage.
Copperfield Village is Greenstreet's only asset in Houston and one of five in Texas. "I think it's actually surpassed our expectations," Edwards says. "With the renovation activity, we've been able to generate new interest in the property."
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.
