When commercial brokerage and investment firm Dunhill Partners purchased Vintage Park in March, it was at a 38 percent occupancy rate. In its first month of ownership, Dunhill signed an additional six leases, bringing the lease rate of the Italian-style shopping center to more than 60 percent, said William Hutchinson, president and chief executive.
"When we purchased Vintage Park, [Dunhill Partners] set aside enough money to build out every location," he said. "We looked back at past tenants who showed interest in relocating to [the area], and funded enough money to fill every vacancy."
Vintage Park, which was developed in 2007, is anchored by an H-E-B grocery store. Whole Foods plans to open a 40,000-square-foot store at the corner of Louetta and Cutten roads near the shopping center by 2014, said Mary Langdon, Whole Foods community relations coordinator.
The 350,000-square-foot shopping center houses more than 50 tenants, and it will contain about 100 when it reaches the fullest occupancy rate, Hutchinson said.
The Sweet Box, a vintage-style candy store, and Low-T Center, a medical store for men, have both signed leases at Vintage Park and are expected to open by Oct. 1, said Ben White, leasing associate with Dunhill Partners. Several other businesses are scheduled to open by the end of the year, which will bring the center's total lease rate to about 64 percent, he said.
As of late August, tenants of Vintage Park included 14 restaurants, 16 retail stores and 18 office spaces housing salons, medical services and businesses. Triple Tap Ventures is planning to open two Alamo Drafthouse locations in Houston by early 2013, one of which will be located in Vintage Park. The theater will show new releases and host special events. It will also offer a rotating menu of food and craft beers.
Other incoming tenants include several retailers and restaurants relocating from the FM 1960 and Champions areas who want a more central location away from traffic congestion, according to property owners.
Barbara Tibbets and her daughter Terrie co-own T. Carolyn Fashions, a mother of the bride wedding store, and relocated to Vintage Park in July after more than 20 years at their FM 1960 location.
"We had outgrown the facility, but one of our concerns was the [FM 1960] construction," Barbara Tibbets said. "The easy access off Hwy. 249 was very important. We've certainly seen our level of business increase."
Vintage Park is the fourth shopping center owned by Dunhill Partners in Houston. The company also owns The Fountains along with centers in Greenspoint and League City. In total, Dunhill Partners owns more than 30 shopping centers in Texas.
"[Vintage Park] brings the old-world Italian look to the area," Hutchinson said. "Few developers pay such attention to detail."
New businesses
Several new stores will open in Vintage Park late this year and in early 2013. The new additions will bring the center's total lease rate to about 64 percent.
- The Sweet Box–opening in October
- Alamo Drafthouse–opening 2013
- Low-T Center–opening in October
110 Vintage Park Blvd., Houston, 281-655-8000, www.vintageparkhouston.com