HUMBLE, TX-Movie Tavern Partners LP of Fort Worth will open its second "movie and a dinner" combo in a 25,342-sf spot in the Commons at Deerbrook.
The operator has inked a long-term lease with Triyar Management of Texas for a long-dark theater in the 177,631-sf shopping center at 9630 FM 1960 Bypass, owned by Triyar Management of Texas. "I'd been negotiating for several months with another movie concept. Then, these folks came in and were very aggressive. We had a lease signed with them within 10 days," says L. Ace Schlameus, vice president in Houston for Grubb & Ellis Co. He and Aaron Ace Schlameus, also with Grubb & Ellis, represented Triyar.
Schlameus tells GlobeSt.com that the tenant anticipates an early 2006 opening. "The tenant's going to be putting well in excess of $1 million into the property to get it into shape," he says, adding Triyar is kicking in some renovation assistance as well. The leased space was originally the site of a General Cinemas theater, but it's been vacant since the late 1990s.
"The owners [Triyar] expect these guys to represent a major bonus to the center," Schlameus explains. The Commons at Deerbrook, built in 1984, is 75% leased to tenants like Black-Eye Pea, Olive Garden and T-Mobile. Schlameus indicates he is in negotiation with another prospect for 20,000 sf. The Commons' quoted rent is $1.30 per sf to $1.70 per month, triple net.
Movie Tavern is gearing up to open its first location by year's end. The operator has leased retail space in a center at the intersection of Interstate 45 and Richey Road.
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