Recent Retail Leases in Houston

Houston market has not shown any remarkable change in the recent quarters with respect to occupancy and rents. Compared to the third quarter of 2010, occupancy shows an increase of 1.72% in the same quarter this year. Comparing the second and third quarters of 2011, average rent has decreased by 0.01%. Some of the recent leases recorded in the retail market of Houston are as follows:

In the month of December, Kohl’s Department Stores leased 64,250 square feet at Meyer Park Center, a 196,000 square-foot community center located at 9835 South Post Oak Road in the Near Southwest sector. The 23-year-old property is 68% occupied. The retail property is situated on 28.50 acres. The retail building is located on the north of W Belfort Ave, to the east of S Post Oak Rd and to the south of Meyer Park Blvd. The property has access to W Belfort Ave, S Post Oak Rd and Meyer Park Blvd. According to the appraisal district records, the total assessed value is $9.74 million. The gross building area of the building is 252,880 square-feet and rent type is triple net. Tenants at the property include Dollar Tree Store, The Vision Source, Schlotzsky’s and Sally Beauty Supply. Mike Barnett of Canyon Partners represented the tenant, while Culver Stedman of EDGE Realty Partners represented the landlord.

One of the most significant leases in the month of December is the lease of Hollister Pointe Center. Steiner Leisure Limited has leased 20,000 square feet at Hollister Pointe Center, an 87,000 square-foot neighborhood shopping center located at 13147 Northwest Freeway in the Near Northwest sector, from MJT Associates Inc. The property is located along Northwest Fwy and to the east of Hollister St. The property has access to Northwest Fwy. The multi-tenant property is grocery-anchored. According to the appraisal district records, the total assessed value is $6.53million. The 14-year-old property is situated on 9.34 acres and is 69% occupied. The gross building area of the building is 86,740 square-feet and rent type is triple net. Tenants at the property include Insight Eyecare, Oriental Village, Lynn's Couture & Alterations, Q Tee Nails and Red Onion Mexican Grill. Wes Miller and Jeanie Gibbs of Wulfe & Co represented the landlord.