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HOUSTON-Burlington Coat Factory has signed a 10-year lease to take down 80,000 sf of a 100,000-sf box once housing a Target. Financial details for the Greens Crossroads Shopping Center transaction are confidential, but reports put the lease’s value at $5.5 million to $7 million.

Burlington will open doors in March in the 151,813-sf shopping center at 249 W. Greens Rd., making it the fifth store in the Greater Houston area. Andrew Schreer, managing member of property owner Vendure Crossroads LLC of Houston, says the box’s remaining space is under contract by a second major national anchor. He anticipates the deal will close by the end of the year.

The Burlington lease closed at the same time as one for Cricket Communications Inc., which took 1,740 sf in a medium-term deal for a cellular phone store. Both deals push occupancy in the 1980s-era center to nearly 79%.

According to Shawn Ackerman, senior vice president with Henry S. Miller Commercial in Houston, other leases are waiting to be signed. “We’ll be at above 90% within the next three to four months,” says Ackerman who, with Jason Gaines, represented the center’s owner in both transactions.

When acquired in summer 2005, Greens Crossroads Shopping Center was 24% occupied and needed a major overhaul. Schreer tells GlobeSt.com that his company sank about $5 million into renovations. That and strong management and leasing helped to turn the center into a viable property for tenants.

Schreer points out that his retail center also has been helped by the Greenspoint submarket’s growth. “That area has turned 180 degrees in the past year,” he says.

Ackerman agrees with Schreer, noting area retailers are happy with the growing customer base and turnaround. “This Burlington deal was a great one for the submarket,” he adds. “It’s a great regional intersection there and Burlington thinks they’ll do phenomenally well there.”

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