X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

HUMBLE, TX-A hot market kept the deals coming for two retail centers in the far north submarket, with close to 34,689 sf of combined space snapped up at Atascocita Market Square and Atascocita Plaza Shopping Center. The recent transactions push both retail centers to close to full occupancy.

The 52,000-sf Atascocita Market Square at 8080 FM 1960 earned a 10,000-sf lease for Dollar General, 1,800-sf pact for Body Magic Houston and 1,500 sf-deal for Royalty by Lornnia. The deals, negotiated at market rate, had an average ask of 70 cents per sf and triple nets running at 20 cents per sf.

Three miles up the road, the 157,000-sf Atascocita Plaza Shopping Center at 7036 FM 1960 picked up a 17,000-sf lease for Goodwill Industries. Other new deals are 1,750 sf for Humble Catfish Kitchen restaurant, 1,575 sf for Dr. Richard Harris and 1,064 sf for Barbies Nails. Asking rates on the 1980s-era center are $16 per sf, with triple nets running $3.65 per sf.

The leases average five years in length in both locations. According to Henry S. Miller Commercial vice president Shawn Ackerman in Houston, the combined deals leave only a 30,000-sf box at Atascocita Plaza and less than 4,000 sf remaining at Atascocita Market Square.

“We want to get a good national name for the big box at Atascocita Plaza Shopping Center. And, we’re in negotiations with one right now,” says Ackerman, who represented both owners in the stack of direct deals.

The Houston-based limited partnership owner for Atascocita Market Square is planning a $15-per-sf renovation on the 27-year-old shopping center before the remaining space is leased. “They’re putting on a new façade this week, then will be repainting and redoing pylons. It’s a full face lift,” Ackerman tells GlobeSt.com. “Once that’s done, they’ll go for higher rents on those last spaces.”

Ackerman says the past year has been good to both vintage plazas because of their locations and the area’s growth. “The market out there is on fire,” he says, adding Atascocita Plaza Shopping Center is near a Wal-Mart Supercenter. Owner Fowler Flanagan Partners of Valencia, CA renovated the 1982-built center in 2005.

Right across the street, Trammell Crow Co. is under construction on the 350,000-sf Atascocita Commons Shopping Center. “There’s really no other room for retail development out there,” Ackerman adds. “There are homes to the north and homes to the south. All that’s really left is FM 1960.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.