Matt Reed, associate with Dallas-based Trammell Crow Co.'s Houston office tells GlobeSt.com that Babies R Us is taking a spot that belonged to Sears Homelife Furniture and briefly was occupied by Bank & Estate Liquidators. He says the lease negotiations with the parent firm, Toys R Us "took the better part of a year." Reed says the trade area's high-income demographics, high traffic count and the center's tenant lineup were the deal-makers.
Reed says the lease takes occupancy to 99% in the 410,000-sf power center, which quotes a rate of $24 per sf. Other tenants in the center are Office Depot, Home Depot, Michaels and Conn's Appliances. Matt Keener and Kristen Barker, both with Trammell Crow's retail division, negotiated on behalf of the building owner, TFK Retail Ltd. Lynn Davis of Fidelis Realty Partners in Houston is the Houston broker for Toys R Us. In the Houston region, the Paramus, NJ-headquartered Toys R Us has 20 stores, of which five are Babies R Us locations.
The center, built in the early 1990s, is situated at the southeast corner of US Highway 59 and Williams Trace Boulevard. In 1999, Trammell Crow and Dallas-based Granite Properties acquired the asset from Lincoln National Life Insurance Co.
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