Barnes & Noble Takes Dibs on 29,000 SF in Town Center Project

The national bookseller joins anchors Dillard's and Macy's, which have inked leases for a combined 355,000 sf of the 700,000-sf power center, set to rise at the intersection of FM 518 and Texas 288. Construction will begin in late 2006, with a completion scheduled for late 2008. "In general, we're phasing the construction and working on everything concurrently," says Michael Lebovitz, senior vice president of CBL & Associates Properties Inc. in Chattanooga, TN.

CBL, the developer on the project, also is handling leasing. "We're negotiating for about 80 to 85% of the space," Lebovitz tells GlobeSt.com. "We've had a tremendous amount of interest from national retailers in this project."

Lebovitz wouldn't comment on a specific preleasing goal, but did indicate that, on the basis of interest received, Pearland Town Center should enjoy a strong tenant base when opening date comes around. "We just opened Southaven Towne Center in Mississippi, same type of center, and it was 100% leased when it opened," Lebovitz says. "We have a pretty strong track record with these types of projects."

Lebovitz says one major focus for the Pearland Town Center leasing campaign is making deals with quality, sit-down restaurants. "In today's world, restaurants act as anchors so we're working with several restaurants and will be announcing those in the near future," Lebovitz adds.

Pearland Town Center's quoted rate isn't available. The going rate, on average, for retail space in the immediate area ranges from $20 per sf to $25 per sf.

Pearland Town Center is being constructed in a submarket that is boasting huge gains in residential housing and retail development. Other projects on the docket for the area are the 800,000-sf Promenade Shops at Shadow Creek and 700,000-sf Crossing at 518.