SPRING, TX-A sub shop mogul is continuing his aggressive campaign to open up to 80 shops in the metro market by taking 1,900 sf in a five-year lease for the 12,600-sf Meadowedge Shopping Center. The deal pushes the center's occupancy to 100%.
The new sub shop is located at 20141 Interstate 45 N. Other shops, either opened or close to it, are situated in the FM 1960 submarket on the city's northwest side, Research Forest Drive in the Woodlands, Katy and Webster.
The Memphis-based Lenny's Sub Shops, best known for its Philly Cheese Steaks, announced in June 2005 that it would aggressively develop new stores throughout the Houston area. "We're working on new locations for them. Right now they're focusing in the Clear Lake and Webster area," Andrew Brod with Henry S. Miller Commercial's Houston team, tells GlobeSt.com. He and colleague Tim Crockett represented Len Moore, president of the restaurant chain, while SDI Realty of Houston, owner and manager of Meadowedge, was self-represented.
The property's quoted rent wasn't available, but comparable space in the immediate area averages $1.57 per sf. The Meadowedge owners are quoting $10 per sf for the finish-out allowance.
Brod says Meadowedge fit Moore's parameters for an ideal location: a neighborhood with above-average household incomes and a lot of nearby businesses. "There are a number of businesses in this area, a high median household income and a location right on 45," he adds. "There's a Home Depot and Lowe's right there, several care dealerships and a lot of new retail development in the area."
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