The shopping center, situated on approximately four acres at 9805 Bissonnet St., was built in 1983. It underwent a renovation two years ago by owners, Bissonnet Retail Center LP of nearby Sugar Land. "Since the landlord bought the center and renovated it, we've been able to push the occupancy to over 95%," comments Shawn Ackerman, senior vice president with Dallas-based Henry S. Miller Commercial's retail division in Houston.
Ackerman, who represented the building owner, tells GlobeSt.com that the center had an occupancy rate of 80% when it was purchased by the local limited partnership in 2002. Other recent leases that have boosted occupancy include Cash America and Family Dollar, which have joined a florist and other service businesses on the roster.
The quoted rate ranges from 70 cents per sf to 90 cents per sf, triple net. Ackerman tells GlobeSt.com that negotiations ended with Westwood Learning Tree paying close to the market rate and no tenant improvement allowance. The childcare group has in-house executives negotiating its terms.
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