Deal specifics weren't released due to confidentiality agreements, but the quoted rate is $11 per sf, triple net. The Arcadia, WI-based Ashley's also came out of the deal with a $30 per sf tenant-improvement allowance for the project, which is rising at the intersection of Texas 288 and FM 528.
Transwestern broker Lindsay Miller says there are 124,000 sf of inline commitments in hand. In addition, there are two openings of 25,000 sf to 30,000 sf for junior anchors. "By the time they open in fall, it should be at 70% occupancy," says Lindsay, who represented the owners, a joint venture of locally based Transwestern Development Company, WCF Development of Houston and Buchanan Street Partners of Newport Beach, CA.
Miller tells GlobeSt.com that the owners plan to sell the center before its official opening, which is why it's important to lease it up as quickly as possible. She says she's receiving a lot of interest from prospective tenants given the location and demand for retail in Pearland. "It's the Main and Main intersection in Pearland and all the retailers like to be here," she explains. "The small shops will come on line once the major buildings are up."
Katherine Wildman of Wulfe & Co in Houston represented Ashley Furniture in the transaction. Shadow Creek's leasing team includes Transwestern managing director Will Deanne and Amanda Fox of Fox Properties of Houston.
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