HOUSTON-ACE Cash Express Inc. has signed a three-year, 2,810-sf lease for the Bissonnet Retail Center, marking a return to the space after a re-branding and restructuring.
"Ace's rate was way above market in terms of the deal," says Shawn Ackerman of Henry S. Miller Commercial's Houston office, who represented the building owner, Bissonnet Realty Partners Ltd. of Sugar Land, in the transaction for the 9819 Bissonnet St. center. ACE was self-represented through Kyle Moser.
The reason for the higher than average lease rates is because ACE, a former tenant in the center, had vacated its space for a time and required remodeling because of the company's restructuring and a refurbishment of the brand's image. ACE, headquartered in Irving, TX, is the largest owner, operator and franchiser of check-cashing stores in the US.
"They basically re-branded their store and their image," Ackerman tells GlobeSt.com. "The new brand recognition has required a lot of remodeling dollars." Built in 1983, the 104,000-sf Bissonnet center is 92% occupied with tenants like Family Dollar and Iglesia De Dios Ministerial De Jesucristo International Ltd.
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