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March 25 , 2009

Retail Connection Takes on 1.5M SF

March 25th, 2009 Commercial Real Estate News and Property Resource By Amy Sorter

HOUSTON-Impressed with Retail Connection's success with its Dallas retail portfolio, Global Realty & Management TX has retained the retail leasing brokerage house to help boost the value of its 14-property portfolio of grocery-anchored and power centers throughout the Houston area. With the new assignment, Retail Connection is being charged with leasing up the approximately 1.5-million-square-foot portfolio while retaining the tenants that are already in place.

Global Realty principal Rafi Zitvar tells that the company, a division of Global Fund Investments LLC in Florida, will retain its in-house leasing staff while using Retail Connection's network to access national and regional tenants. "They found many leases for us in Dallas and we have a great relationship with them," Zivtar says. "We worked with them for two years in Dallas, and there's no doubt that they improved those properties enormously."

David Stukalin, president of Retail Connection's Houston office, says the challenging times will mean some creative efforts might be called for to get the 90%-occupied portfolio filled. Stukalin explains that, on the plus side, Retail Connection has good relationships with existing tenants, which will help with retention. Furthermore, "We'll be going back to blocking and tacking the assets, in other words, making the phone calls and making sure the right retailers and tenants will work in the appropriate assets," Stukalin says.

The area-wide portfolio is approximately 10 years old, with its properties scattered area-wide. The largest asset is the 301,721-square-foot Westgate Marketplace at 1330-1500 Fry Rd. in Houston. Other assets in Houston property are the 90,647-square-foot Beechcrest at 10828 Beechnut; the 149,042-square-foot Copperfield Crossing at 15540 Highway 529; the 29,013-square-foot Colony Plaza at 4811 Highway 6 South; the 19.042-square-foot Kirkwood Bisonnet at 11850 Bissonet; the 135,694-square-foot Mission Bend at 6806 Highway 6 South; the 106,995-square-foot Spring Shadows at 10243 Kempwood and the 105,152-square-foot Steeplechase at 9503 Jones Road.

In Spring, TX, a far north suburb of Houston, the holdings are the 89,540-square-foot Forestwood at 15802 Champions Forest Dr. and the 118,517-square-foot Grogans Mill at 536 Sawdust Rd. Other assets are the 64,171-square-foot Highland Square at 3111 Highway 6 South and the 107,301-square-foot Market at First Colon at 2309 Williams Trace Blvd. in the southwest suburb of Sugar Land and Mason Park, a 161,297-square-foot center at 501 S. Mason Rd. in Katy, TX.

In the meantime, Global Realty is looking for more retail properties to acquire in Houston, Dallas and the San Antonio-Austin area. Zivtar says he's made offers on a few of the assets, but did not elaborate. "We're looking for mostly grocery-anchored centers, minimum size from 70,000-80,000 square feet," he adds. "We'll look at power centers, but we mostly like the food-anchored properties."

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