LA MARQUE, TX-USA Health & Fitness, headquartered in nearby Pearland, has signed a seven-year, 15,400-sf lease for Gulfway Plaza. A $750,000 finish-out is under way to meet the corporate plan to open in early summer.
"This had been two individual retail box spaces that had been vacant for awhile," explains Brett Muller, general manager with owner and manager of SugarOak Management Services LLC in Herndon, VA. "We're installing rest rooms, shower facilities, locker rooms and additional electrical wiring so they can run all their equipment. There's at least a couple of months worth of build-out there." The 176,552-sf Gulfway Plaza, located at 1109 Delaney Rd. near Interstate 45 in Galveston County, is pushing 85% occupancy.
Gulfway Plaza's quoted rate is $10 per sf, triple net. Muller tells GlobeSt.com that USA Health is "paying a strong market rent."
Gulfway Plaza was developed in the early 1990s as the Outlet Shops at La Marque. "When we acquired the property about three-and-a-half years ago, we moved toward rebuilding and releasing the space and turned this more into a neighborhood and regional retail center," Muller says. "We still have some great established retailers."
In addition to the USA Health deal, another lease for 3,920 sf is pending. Both transactions will drive occupancy to 85%.
Craig Domin of Realtek Real Estate Services of Pearland, TX represented SugarOak in the transaction. USA Health & Fitness used an in-house representative to shore up its terms.
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