About five months ago, the firm purchased a two-acre tract from the Woodlands Operating Co. LP for a fifth Eckerd's location in the 27,000-acre master-planned community. Tom Estus, principal with Houston-based Shelby Estus, tells GlobeSt.com that Eckerd signed a 20-year lease for the build-to-suit. The grand opening will be held within 30 days.
Shelby Estus does traditional brokerage work, but Eckerd development has been a major part of its business in recent years, says the firm's principal. Some of the 60 stores in the firm's portfolio have come to market because, Estus points out, interest rates are low and the general investment climate to sell is good. He says he's undecided if he'll part with the new Woodlands location because the site is particularly good--in front of a Lowe's Home Improvement Warehouse and near a Kohl's and Wal-Mart Supercenter.
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