Cook: Mall Properties leases Sicily Plaza space
Mall Properties, operator of the Power Center on Siegen Lane at Interstate 10—home to Lowe's, Sam's Club and others—has leased 13,000 square feet of vacant restaurant space in Sicily Plaza to Superior Hibachi Grill & Buffet. The space has been vacant for several months. According to Ty Harvison with NAI/Latter & Blum, who represented the lessee in the deal, the new restaurant will open within eight months. Mall Properties was represented by David Persac of Persac Properties.
—A two-story, 6,100-square-foot office building at 9542 Brookline Ave. containing six suites has sold for $282,000, or about $46 per square foot. Justin Langlois with Mike Falgoust & Associates brokered the deal, which closed Jan. 13. At the time of the sale, the property was about 50% occupied. "Even with the 50% occupancy, the property generated a reasonable rate of return. When the property is fully occupied, it will generate an excellent rate of return," Langlois says.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
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