HOUSTON – NAI Partners has arranged a 28,371-square-foot retail lease for Lucky Penny Cycles at 211 FM 1960 Road West in Houston. The transaction was one of the market’s largest new retail leases in the fourth quarter of 2018, ranking among Houston’s top five by size according to CoStar data.
NAI Partners’ Laura Diggs represented Lucky Penny Cycles as the tenant, while NAI Partners’ Chris Holder represented the landlord.
Lucky Penny Cycles specializes in selling pre-owned motorcycles across all major brands and operates as part of the Calculated Risk Motorcycle Group portfolio of dealerships.
The Lucky Penny Cycles brand launched its first location in Bedford, Texas, in 2016 under the Calculated Risk umbrella. Calculated Risk also owns and manages six Harley-Davidson dealerships, including Texas Harley-Davidson, which is the largest Harley-Davidson dealership in the state.
Houston’s retail market has remained tight, with an overall occupancy rate near 94 percent, supporting robust rent levels.
NAI Partners reported that the constrained market helped lift the Houston metro average asking rent to a record $17.15 per square foot at the start of the fourth quarter of 2018. That figure represented a 20.4 percent increase from five years earlier, when the average asking rent was $14.25 per square foot. Availability is especially limited throughout Houston and is most constrained within the Inner Loop, where an inventory of roughly 28 million square feet carries a vacancy rate of about 4.4 percent and an average asking triple-net rent of $25.77 per square foot, according to NAI.