The Houston market has shown some slight changes in the recent quarters with respect to occupancy. Compared to the second quarter of 2012, occupancy shows a decrease of 0.01%. An overall rent has decreased at $0.01, when compared to first quarter of 2012. Some of the recent leases recorded in the retail market of Houston area include:
In July 2012, Aldi Stores has leased 21,900 square feet at Atascocita Plaza, a 158,000 square-foot community center located at 6900 FM 1960 Road East in the Northeast sector, from FPA Atascocita Associates. The 30-year-old property is 94% occupied with average rents at $1.42 per square foot. The multi tenant property has access to the FM 1960 Road East. The community center is situated on 13.95 acres. The center has 13,201 square feet available for lease. According to the appraisal district records, the total assessed value is over $2.33 million. Lance Gilliam and Ed James of UCR Moody Rambin represented the tenant, while Wes Miller and Kristen Barker of Wulfe & Co. represented the landlord.
Another significant lease for the month is the lease of Pine Hollow Center, a 107,000 square-foot neighborhood center located at 2001 Interstate 45 North in the Far North sector. Northern Tool + Equipment has leased 15,000 square feet from Weitzman/Cencor. The 27-year-old property is 52% occupied with average rents at $1.70 per square foot. The multi tenant property is situated on 18.59 acres. The property has 51,049 square feet available for lease. According to the appraisal district records, the total assessed value is over $4.26 million. The major tenants at the property include Aarons Rent, Chinese Bufet, Dollar Tree and Star Cinema Gril. The neighborhood center has access to Interstate 45 North and West Cartwright Road. James Namken, Kyle Knight, and Randy Hopper represented the landlord in-house, while Baker Katz represented the tenant.
Timely and accurate real estate market data increases transparency for real estate markets. It also helps to dampen the amplitude fluctuations. OConnordata rental databases are updated monthly or more often if information becomes available. Our ability to research, analyze and interpret market trends is a major reason for why developers and acquisition experts rely on O’Connor & Associates for market studies, feasibility studies, rent studies, Houston Commercial Retail Space To Lease , tax credit studies, project design guidance, Houston Retail Space For Lease property performance valuation and lease audits. O’Connor & Associates is an acknowledged source of trends in real estate investing and market activity.