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HUMBLE, TX-Denny’s Corp., headquartered in Spartanburg, SC, has signed a 20-year ground lease for a five-acre pad site, the last one in the Atascocita Plaza development.The pad site was marketed at $3 per sf.

“They ended up pretty close to it. We didn’t negotiate it for long,” says Shawn Ackerman with Henry S. Miller Commercial in Houston, who, with Jason Gaines represented the property’s owner, FPA Atascocita Partners LP. Josh Jacobs with Paige Realty Partners Ltd. in Houston represented Denny’s in the deal for 6900 FM 1960 E. The 157,000-sf Atascocita Plaza’s inline space is at 85% occupancy.

Ackerman tells GlobeSt.com that the restaurant owner began construction within 48 hours of signing the lease. The 4,000-sf eatery should be completed and ready for business within 90 to 120 days. “They had the permits and everything else lined up prior to the lease signing so they were ready to go almost immediately,” he adds. While the exact construction budget isn’t available, he says, on average, similar restaurants cost $130 per sf to build.

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