P.F. Chang's China Bistro Signs Lease At 5251 Westheimer Rd Houston With TR Galleria Place Corp
5251 Westheimer Rd, Houston, TX, 77...
Building Size
6,135 SF
Asset Type
Office
Closing
May 10, 2021
About this deal
AI
P.F. Chang’s China Bistro has secured a long-term retail lease at 5251 Westheimer Rd, Houston, TX, occupying 6,135 square feet. The location is situated in the Houston market, specifically at Galleria Park, where the restaurant is relocating from its previous site in Highland Village.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 5251 Westheimer Rd, Houston, TX
- Market: Houston
- Tenant: P.F. Chang’s China Bistro
- Landlord: TR Galleria Place Corp
- Tenant's Rep: Jack Breard, Segovia Partners
- Landlord's Rep: Loch Cook, Transwestern
- Square Feet: 6,135
The lease was negotiated by Loch Cook, Transwestern's retail vice president, who is representing the landlord, TR Galleria Place Corp, alongside Nick Hernandez. Jack Breard represented P.F. Chang’s in the transaction, marking a strategic move for the restaurant as it looks to enhance its presence in the area after 24 years of operation in Houston.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93