Charles Scoville with Houston-based United Equities tells GlobeSt.com that the benchmark comes for a center that's not quite six months old. The property, on the northeast corner of Scott and Scottcrest streets, was projected to take 12 to 18 months to fill. Scoville credits the quick lease-up to a positioning on the east side of the Houston Medical Center, where retail development has been limited for many years. According to O'Connor & Associates' latest report, Inner Loop strip center rents are bringing in $1.35 per sf these days.
Payless will be joining a lineup with Scooter Expo, Houston Hair Galleria, Check 'n Go and Summit Dental. Eckerd, a wholly owned subsidiary of Plano, TX-based JCPenney Inc., owns its anchor site for the development. Tim Sandifer and Kristen Hill, both of United Equities, negotiated the Payless lease.
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