Located at 5250 W. Alabama, at the intersection of Alabama Street and Sage Road, Savoy Salons will be located on the site of a mixed-use property. The location includes a 1976-constructed, 31,050-sf freestanding retail component and 438,443 sf of office space spread over two mid-rise structures also built in the mid-1970s. The quoted lease rate for the facility is $20 per sf.
According to L. Ace Schlameus of Grubb & Ellis Co.'s Houston office, Savoy, scheduled to open mid-to-late summer, 2006, will be the company's flagship location. Further expansion throughout Texas and the southwest is anticipated during the next several years.
"There are substantial improvements that need to be made to the facility," says Schlameus, who represented the landlord, Westheimer Galleria Investments, Ltd. of Los Angeles. He tells GlobeSt.com that the retail facility is 100% leased, with roll not a huge concern. "Most of the leases have been recently renewed or consists of new tenants."
Matt Keener of Trammell Crow Co.'s Houston office represented the tenant, Savoy Salons, LP of Houston.
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