Kroger will own its 102,894-sf store, leaving 24,519 sf on in-line space and two out-parcels up for grabs in the development by Jacksonville, FL-based Regency Centers Corp. Steven W. Fritzer, Regency's senior management of investments, says he wouldn't be surprised to see 90% of the in-line space leased when the center opens at the Grand Parkway-Mason Road intersection. "We have commitments for around 60% of the shop space and commitments for ground leases," Fritzer tells GlobeSt.com. Waterside Marketplace's quoted rate is $24 per sf, triple net. Its all-in development costs are still being worked out.
Regency, as it always does, will target national and local tenants. Housing and population demographics in Fort Bend County is why Fritzer believes the time has come for Waterside Marketplace. "This is a significantly under-retailed location," he says. "The interest has been strong recently, ever since we announced we were doing the project."
Fritzer explains that Regency had acquired the 16-acre parcel about three years ago and was prepared to build the Kroger-anchored center. "But then Kroger's prototype expanded substantially from what we were planning on so we had to obtain the four additional acres," he says. He adds that Kroger will end up with about 13 of the 20 acres.
Read King Commercial Real Estate in Houston is handling leasing. CDA Architects, also in Houston, designed it. A general contractor hasn't been selected.
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