HUMBLE, TX-Despite nationwide closures of Dollar General Corp. stores, the discount company has renewed 10,216 sf at Crossroads Shopping Center. With the signing, Dollar General has committed to stay another five years in a space it's occupied for more than a decade.
Shawn Ackerman with Henry S. Miller Commercial's Houston office says the quoted rate is $12 per sf to $17 per sf, triple net, for on the 73,655 sf-plaza at 205-249 W. Greens Rd. sf. "The deal was less than that, but this was a large store and a long-term client," says Ackerman, who represented plaza owner Shomer VIII Ltd. of Houston.
Ackerman tells GlobeSt.com that the center's owner was fully prepared for the tenant's departure. Because Dollar General is an anchor tenant, he says the concern was more than justified. "We were bracing ourselves for them to leave, but they signed the papers and they're good to go for awhile longer," Ackerman adds.
Dollar General announced in November that it planned to close 400 stories nationwide and slow its rate of openings to try to upgrade the store mix. At that time, the locations of the closings were not disclosed.
The 1980s-era Crossroads Shopping Center remains 76% leased with the deal. An 8,000-sf spot is available. The roster also includes Sherwin Williams Co., Pizza Hut and Cash America Pawn.
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