KINGWOOD, TX-Gold's Gym and Safeway Driving Center have inked deals totaling 28,500 sf in Northpark Shopping Center. One tenant makes a 10-year commitment and the other agrees to a five-year stay.
The double signing pushes occupancy to 74% in the 52,000-sf center at 2233 Northpark Dr. "We were at 18% prior to these deals, but the Gold's deal alone is about 50% of the shopping center," says Jason Gaines, an associate with Henry S. Miller Commercial's Houston office, who represented the building owner, Old Vine Management LP of Denver. Space in the 22-year-old center goes for $15 per sf annually, with tenant improvement packages ranging from $5 per sf to $15 per sf.
Gold's Gym, which was represented by Buddy Francese of Austin-based Mutual Trust Investment Real Estate Services, took 26,000 sf at market rate and did get some tenant improvements, Gaines tells GlobeSt.com. The Gold's Gym is scheduled to open in the first quarter.
The gym is taking over space once been occupied by Jamail's Grocer. Gaines says the spot has been dark about three years.
Safeway Driving Center, which was self-represented in its transaction, took 2,500 sf, also at market rate with some TI dollars tucked into the deal. It's scheduled to open early 2006.
Gaines says interest has been fairly steady in the property since it changed hands two years ago. "They've done a great job of renovating and fixing it up and they're doing a great job of managing it," he adds.
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