$30M Retail Project Lands Second Major Inline Tenant

HOUSTON-A second national name has been hooked for the first phase of inline space for the Crossing at 518, a $30-million regional center under construction in southeast Houston.

Bed, Bath & Beyond signed a long-term lease for 25,000 sf just like Best Buy did for 45,800 sf. David Stukalin, president of the Houston office of the Weitzman Group, tells GlobeSt.com that he’s talking to prospects for the 40,000-sf balance of the 110,800 sf of inline space while the out-parcel buildings–21,000 sf and 10,000 sf–are 80% pre-leased.

Dallas-based affiliates, Cencor Realty Services and Weitzman Group, along with the Argovitz Family Trust of Houston, are bringing out the 425,000-sf regional center at the northeast corner of Texas 288 and FM 518. The first inline space and 31,000 sf in two out-parcel buildings will deliver in November.

Stukalin says the Union, NJ-based retailer, in part, took down space in the Crossing because of nearby residential growth and positioning with respect to its 12-store network in Greater Houston. Stukalin negotiated the lease directly with Bed, Bath & Beyond.

Out-parcel tenants signed to date are Eye Masters, Panera Bread, Warehouse Mattress, Cold Stone Creamery and Sprint. Inline space is quoted at $22 per sf to $23 per sf; out-parcel space, $26 per sf to $28 per sf.