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January 03 , 2008

161,011-SF Center's Redo Earns Five More Leases


January 3rd, 2008 - GlobeSt.
 
HOUSTON-Greenstreet Real Estate Partners LP is ready to dig into the second phase of a $1-

million renovation at the 161,011-sf Copperfield Village. The value-add play, which began with an

August 2006 acquisition, has secured five renewals and new deals as phase one work wraps up

and the next phase moves to the starting gate.

"We are touching all surfaces and basically trying to bring it up to a class A property," William

Edwards, senior asset manager for the New York City-based owner, tells GlobeSt.com. The

second phase of the 15.8-acre center at 7055 Texas 6 will be completed in March.

The exterior redesign has brought two rooftop towers and a third one's on the way for a shopping

center considered to be at the "Main and Main" of one of the most heavily traveled intersections

in the northwestern submarket. Copperfield Village's facade will be raised at least six feet with

the phase-two work. In addition, its curb appeal will include a color change so the inline space

and outbuildings sport the same look as the 61,113-sf Randall's Market, which was renovated in

2003.

Between mid-November and the 2007 close, Shawn Ackerman, SVP in Houston for Dallas-based

Henry S. Miller Commercial, renewed pad-site tenant Wells Fargo, which has a 2,400-sf drivethrough

bank on a 27,430-sf pad site; Ross Dress for Less for its 26,000-sf spot; and Bike Barn

for its 6,345 sf. New deals were inked by Massage Envy, which took 3,850 sf, and Panera Bread

for 4,500 sf, both of which are anticipated to open by midyear.

Wells Fargo's building will undergo a full-body makeover, with Greenstreet footing the exterior bill

and the bank paying for interior upgrades. The bank was on the verge of exhausting all options to

its original lease, which began at least 20 years ago, as talks to stay ramped up, according to

Gregory Stackhouse, an SVP on Dallas-based Retail Connection's Houston team. Wells Fargo

ended up inking a 10-year lease and Massage Envy, also his client, signed a five-year deal, he

says.

"With the redevelopment and the other tenants they were bringing to the table, it made sense to

stay," Stackhouse says. The Massage Envy shop will be its 23rd one in Greater Houston.

Ackerman says all tenants, except for Wells Fargo, made five-year commitments to the 90%-

leased shopping center, now getting its second major overhaul since it opened in the 1980s. "It

looks great," he stresses. "But, it will take another year's work to get where we told Greenstreet

we could get this shopping center." Omega Construction Inc. of Houston is the general contractor.

Heights Venture Architects LLP, also from Houston, crafted the redesign.

Edwards says the 2008 goal is to return occupancy to 96%, a feat he believes is readily within

arm's reach due to deals in the pipeline and construction now into its final stage.

 
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