PEARLAND, TX-Retail giants Shoe Carnival and On the Border are joining the line-up in the Crossing at 518, a 700,000-sf regional block tipping 85% occupancy with the latest transactions. The retailers signed 10-year leases.
Shoe Carnival took 8,219 sf of inline space while On the Border did a ground lease for a 1.32-acre pad site. With second-phase construction pushing toward completion, the development at FM 518 and Texas 288 is down to one pad site.
Shoe Carnival plans to open in June. "The landlord is building out to their vanilla box," explains James Namken with the Weitzman Group's Houston office, who with David Stukalin, represented the owner, Crossing at 288 SC Ltd. of Houston. Geoff Henrion with Dallas-based Staubach Co. was the tenant rep.
The quoted lease rate on smaller inline space is $24 per sf and build-out packages offered at $16 per sf. "They were a little less on the amount because they've taken deeper space," Namken tells GlobeSt.com.
On The Border, which used its in-house real estate team to broker the deal, is eyeing an opening in January 2007. Namken estimates construction on the 7,500-sf restaurant will begin in late summer. He can't release specifics for the ground lease, but did say similar leases range from $110,000 to $140,000 per year.
Namken says there are no deals working for the remaining one-acre pad site--as yet. But, its location is right in front of the JCPenney store, which is set to open Aug. 1, he point out.
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