Amigos Supermercado Signs Lease for 9,445 SF Retail Space in Austin
Joey Mendez & Michael Noteboom of RESOLUT RE represent landlord, Scott Nicholson of Discovery Realty Group represents tenant.
Amigos Supermercado, a grocery store chain, has signed a lease for a 9,445 SF retail space located at 1200 W. Howard Lane in Austin. The lease was finalized on August 20, 2020.
The property is located in a prime retail area with high visibility and easy access to major highways. The space is part of a larger retail center that includes a mix of national and local tenants.
The landlord, Joey Mendez & Michael Noteboom of RESOLUT RE, represented the property owner in the lease negotiations. The tenant, Amigos Supermercado, was represented by Scott Nicholson of Discovery Realty Group.
The terms of the lease were not disclosed, but the average asking rent for retail space in the area is 25 per square foot, according to CoStar Group. Based on this average, the annual rent for the space would be approximately 236,125.
The lease is a win for both the landlord and the tenant. The landlord has secured a long-term tenant for the space, which will provide a steady stream of rental income. The tenant has secured a prime retail location in a high-traffic area, which will help drive foot traffic and sales.
Overall, the lease is a positive sign for the Austin retail market, which has been hit hard by the COVID-19 pandemic. While many retailers have been forced to close their doors or scale back operations, Amigos Supermercado is expanding its footprint in the market. This suggests that the company is confident in the long-term prospects of the Austin retail market and is willing to invest in its growth.
In conclusion, the lease of the 9,445 SF retail space to Amigos Supermercado is a positive development for both the landlord and the tenant. The property is located in a prime retail area with high visibility and easy access to major highways. The terms of the lease were not disclosed, but the average asking rent for retail space in the area is $25 per square foot. The lease is a positive sign for the Austin retail market, which has been hit hard by the COVID-19 pandemic.