Developer Fires Up Expansion of Market at Lake Houston

HUMBLE, TX-Wachovia Corp. has executed a 49,223-sf ground lease to build a bank in the Market at Lake Houston, a 107,000-sf shopping center that’s now fully leased. The pad site deal kicks off a second wave of construction to tack 60,000 sf of junior anchor space onto the center.

The Market at Lake Houston, owned by Lake Houston/1960 Partners II Ltd., is situated at the intersection of FM1960 and West Lake Houston Parkway. On average, Wachovia has been spending about $3 million to develop branch locations, including land costs, in the Texas markets.

“Wachovia, as of late, has been one of the most aggressive banking and financial institutions in our market. They appear to be doing a lot of deals in a lot of prime locations out there,” says Will Deane, managing director for Transwestern Commercial Services Inc.’s Houston office, who brokered the deal on behalf of the property’s owner. Danny Smith with Staubach Co.’s Houston team represented Wachovia in the transaction.

The center’s recently completed first phase is close to 100% leased. Its tenant roster includes an HEB grocery anchor, Cingular Wireless, Payless ShoeSource, Sally’s Beauty Supply and Washington Mutual.