Marq*E Plans to Broaden Appeal Amid Cash Infusion
Levcor has exciting plans to upgrade the property to broaden its appeal and bring in additional segments of the community with new dining options and enhanced entertainment facilities.
HOUSTON—The Marq*E Entertainment Center was originally developed in 1999, with a parking garage added in 2003. The center was subsequently redeveloped to create an open-air theme that has proven more conducive to the center’s target clientele.
Most recently, JLL’s Capital Markets experts secured $68 million to refinance the Marq*E on behalf of Levcor Inc. The non-recourse floating rate loan, which was awarded by LoanCore, will provide funding to recapitalize the existing debt, as well as provide capital to continue to upgrade and improve the property.
The popular retail entertainment venue, located at Interstate 10 Katy Freeway and Silber Road, is currently 94% occupied and features a strong tenant mix including Dave & Buster’s, L.A. Fitness, Edwards Cinema, Chick-Fil-A, Bank of America and Panda Express.
“The Marq*E center has consistently remained a stable asset and draws in crowds from across the city,” says JLL managing director Jimmy Board. “The property has previously been reconfigured and redeveloped to great success, and Levcor’s future plans to further enhance the site will be great for the tenants and the surrounding community.”
Board along with JLL’s Tom Melody, Tom Fish and Wes Wallace led the JLL team representing Levcor in the transaction.
“Levcor has exciting plans to upgrade the property that will broaden its appeal and bring in additional segments of the community,” Board tells GlobeSt.com. “With new dining options and enhanced entertainment facilities, the Marq*E is a unique development that provides popular activities for all ages and budgets.”
Retail market occupancy is at 94.6% nearing the end of the second quarter, a rate that has been maintained since second quarter 2014, according to a report by NAI Partners. Of the 3.8 million square feet currently under construction, more than half (53.7%) of that space has been spoken for.
The Houston retail market has recorded 2.7 million square feet of leasing activity, which is comprised of both new leases and renewals, matching the year-to-date activity from one year ago. In addition, the net amount of square feet absorbed stood at 1.6 million, with new supply delivering an equal 1.6 million square feet to the market this year. The rising average asking rate of renting retail space is at a record high for Houston at $18.11 per square foot on a triple net basis, up 6.2% from this time last year at $17.06 per square foot.