193,000-SF Rice Village Arcade sold in Houston193,000-SF Rice Village Arcade sold in Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=30112014-09-19T19:28:00Z2014-09-19T10:00:00Z

HOUSTON - Rice Management Co. has closed on its acquisition of the Village Arcade, a three-building, 193,000-sf retail property in Rice Village.

Earlier this year, Rice Management Co. agreed to buy out Weingarten Realty’s ground lease on the property for an estimated $55 million to $60 million.

Rice and Trademark Property Co., which was hired earlier this year to lease and manage the Arcade, “plan to completely revitalize the properties by significantly upgrading the merchandising mix, facades and site amenities and considering a rebranding,” the companies said.

“There is clearly great pent-up demand among leading national and international brands and special local merchants who have wanted to open stores in the Village for years but for one reason or another couldn’t,” Tommy Miller, managing director at Trademark said.

The Village Arcade properties haven’t changed since they were built in the late 1980s and early 1990s. They include such retailers as Ann Taylor, Athleta, Banana Republic, Chico’s, Gap, Kendra Scott, Starbucks and Victoria’s Secret.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://blog.chron.com/primeproperty/2014/09/rice-closes-on-village-retail-property/Read more at {Source}

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