Boyd Page did not return telephone calls before press time to comment on the assignment loss. The two-year-old Portofino consists of 355,000 sf of completed space and an under-construction 28,000-sf third phase. The center is 82% leased, David Stukalin, Weitzman's Houston president, tells GlobeSt.com. He and associate Kirby Attwell will be handling the leasing. Portofino is owned by Dallas-based Today Realty Advisors.
Stukalin says the plan will be to revisit the local brokers and identify retailers seeking to enter the Houston market. He believes the center will have particular appeal to soft goods retailers, already a significant part of the Portofino's tenant mix.
Stukalin says he also will draw on such strengths as the center's proximity to the neighboring Woodlands Mall and Pinecroft 1 and 2 retail centers to help fill the 52,000 sf of empty inline space, carrying a quoted rate of about $24 per sf. The Portofino team also will be hawking three outparcels, which is bringing $27 per sf to $29 per sf.
Stukalin's not talking about the dollars per sf that Portofino is now earning, but did point out that the center's national and regional retailers are doing quite well. The tenant mix includes Old Navy, Oshman's Supersports USA, Conn's Appliances, SteinMart, Michaels and Lifeway Christian Stores. A Sam's Club and Home Depot stores are adjacent to the center. Stukalin says the trade area for the center includes about 375,000 shoppers.
Weitzman has a reputation for bringing new faces to Houston. The firm steered the 42-store Texas entrance of Factory 2-U plus has brought such names as Conn's, Simply Fashions, Bed, Bath & Beyond and the Children's Lighthouse.
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