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Motorcycle Retailer Leases Large Space

Laura Diggs

HOUSTON – (Realty News Report)  – NAI Partners recently arranged a 28,371-SF retail lease for Lucky Penny of Houston at 211 FM 1960 Road West in Houston. — Houston’s fifth-largest new retail lease of the fourth quarter of 2018, according to CoStar data.

NAI Partners’ Laura Diggs represented the tenant in the transaction and NAI Partners’ Chris Holder represented the Landlord in the transaction.

Lucky Penny Cycles sells pre-owned motorcycles of all brands and is part of the Calculated Risk Motorcycle Group family of dealerships.

The Lucky Penny Cycles brand opened its first store in Bedford, Texas, in 2016 as part of Calculated Risk, which owns and operates six Harley-Davidson dealerships, including Texas Harley-Davidson, the largest H-D dealership in Texas.

The lease was Houston’s fifth-largest new retail lease of the fourth quarter of 2018, according to CoStar data.

Chris Holder

Rents have been strong in Houston’s retail market which has an occupancy rate around 94 percent.

The tight retail market continued to push the Houston metro asking rents up, reaching $17.15 per SXF to start Q4 2018 at a record high, NAI Partners reported.  At the end of the third quarter, prices have climbed 20.4% above the price five years ago of $14.25 per SF. While retail availability is especially limited across the Houston area, it is particularly tight within the Inner Loop area, with a total inventory of approximately 28 million sq. ft. with a vacancy rate of 4.4% and the average asking triple net rent at $25.77 per SF, NAI said.

Jan. 18, 2019 Realty News Report 2019

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