The Woonsocket, RI-based CVS signed a 22-year lease for the anchor spot in a 21,000-sf center, set to deliver in October on 2.5 acres at the southwest corner of FM 1960 West and Champion Forest Drive, Scott Shillings, vice president in Houston for Dallas-based Staubach Co. tells GlobeSt.com. Cypress Equities, the development and acquisition arm of Staubach Retail, is the fee developer for Champions Forest Plaza, owned by the Jim R. Smith Co. of Houston.
The shopping center at 5624 FM 1960 West is replacing a Bank One office building. The project took two years to bring together, allowing time for Bank One to build a new facility down the road and the Jim R. Smith Co. to ready the site by razing the two-story office building. Shillings, who single-handedly worked the CVS lease transaction, pegs the all-in project cost at $3 million.
Shillings says CVS vacated its normal practice of freestanding buildings in the Texas market to get extra parking spaces in Champion Forest Plaza. CVS will have more than 100 locations in the Greater Houston area once the dust settles on the buyout of the Eckerd Corp. from JCPenney Inc. of Plano, TX.
Staubach Retail's Jim R. Smith Jr. is preleasing the balance of Champion Forest Plaza. The retail space is on the market for $35 per sf.
Shillings says the plaza is part of an "oasis" of retail, predominately national names, nestled in an upper-income community of single-family homes tied to the rest of Houston by FM 1960, with miles of undeveloped land. Jim R. Smith Co. owns three of the four corners while the locally based Weingarten Realty Investors controls the fourth.
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