HARLINGEN, TX-PetsMart has signed a 10-year ground lease for a 20,000-sf build-to-suit in the 189,869-sf Lincoln Corners, a retail shopping center. A groundbreaking date couldn't be obtained by publication time.
According to Shawn Ackerman with Henry S. Miller Commercial's Houston office, the quoted rate averages $10 per sf in the 12807 Lincoln Rd. center. "They'll take over the pad at the end of the center, which is a grassy area right now," Ackerman tells GlobeSt.com. He and colleague Jason Gaines represented the building owner, Eagle Equity I LP of Dallas. Craig Lielansky of L3 Corp. was PetsMart's broker.
Ackerman says the center is now 97% occupied. It is a mix of regional and national tenants like CC's Pizza, Beall's, Sally Beauty, Ross Dress for Less and Hobby Lobby. "There's a single 5,000-sf building and 1,000 sf of inline remaining," he says, adding he's talking to couple prospects, but no one so far has stepped to the plate. "Once the PetsMart breaks ground, there should be more interest," he adds.
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