Vacancy has been below 6.0% since Q2 2014, and net absorption has been positive for 31 consecutive quarters.
Mixed-use grocery-anchored construction leads retail development in Houston, with 1.2 million sq. ft. of the total 2.7 million sq. ft. currently in the pipeline.
Renaissance Center, a 97,000-sq.-ft. retail center at 6102 Scott St., at the southwest corner of Old Spanish Trail and Scott St., sold this month. The center is anchored by an H-E-B with a prime location between Downtown and the Texas Medical Center.
Target is opening their first completely redesigned store in Richmond, Texas, outside the Grand Parkway at Harem Rd and Bellfort Blvd. this October. The new concept will house two distinct shopping areas, each with a separate entrance. One side will be organized like a department store, while the other will offer quick services and grab-and-go items such as groceries and alcohol. The 124,000-sq.-ft. property will anchor the Market Center at Aliana shopping center, and will be the first of 500 restyled locations over the next three years.
Gander Mountain filed for Chapter 11 bankruptcy protection. The outdoor retailer will close 32 stores, including 10 in Texas (three in Houston).
A new food-and-beer concept, Beer Market, owned by Salt N Pepper, has started construction on its third location in the Heights. Construction is ongoing at their second location in Midtown, with their first Beer Market up-and-running at 920 Studemont St.