New York-based Garrison Investments and Fiesta Market have inked a 15-year renewal and expansion, totaling 45,311 sf, for Fondren Southwest Village, where landlord and tenant alike are undertaking major renovations aimed at creating a fresh, new look for the southwest Houston marketplace.
Fiesta Market is marking its 24th year as the largest anchor in the 304,000-sf power center, located at the intersection of W. Bellfort and Fondren roads. Remodeling will begin after the holidays on Fiesta Market's existing 32,948 sf and 12,363 sf of adjacent space previously occupied by Anna's Linens. The retooling is part of a company-wide redesign to enhance the in-store experience for the diverse demographics of its trade areas and loyal Hispanic shoppers.
Brad Elmore of Houston-based NewQuest Properties represented the landlord, Garrison Fondren LLC, in the direct deal. Talks for the renewal and expansion got underway last year, shortly after Garrison purchased the property.
"This is one of the first leases we started working on. Lease negotiations went smoothly, but it was a lengthy process," Elmore says. "There were a few moving pieces we had to work around because Fiesta Market was in the midst of acquiring 11 Minyard Food Stores in Dallas."
Fondren Southwest Village was Garrison's first purchase in Greater Houston. Upgrades are underway on the façade, lighting and parking lot. The center was developed in six phases, starting in 1978, on a 27.5-acre tract bisected by Fondren Road. It is considered the dominant retail center in the trade area, a 96%-leased property with an anchor line-up featuring DD's Discount, Palais Royal and Planet Fitness in addition to Fiesta Market.
"This center has categories that appeal to working-class families," Elmore says, citing the 180,000 population of the three-mile trade and tenants' higher-than-average sales. The largest available block is 9,500 sf. NewQuest's Austen Baldridge also handles leasing for the center.
Fiesta Market is expanding its footprint by 38% by leasing the adjacent space, which was vacated in July 2015. The 44-year-old grocery chain's new store format calls for bilingual signage, smoothie bar, more international food items and a larger apparel section – a one-stop shopping experience with an updated kitchen, more precooked foods in the deli and an interior boasting wider aisles and colorful canopies in select areas. Each store features about 60,000 products, with the international items accounting for roughly one-third of the line-up.
SOUTH TEXAS LEASES
Fiesta Market has signed a 45,311-sf renewal and expansion, adding 12,363 sf of retail space in Fondren Southwest Village, located at the intersection of W. Bellfort and Fondren roads, Houston. Brad Elmore of NewQuest Properties represented the landlord, Garrison Fondren LLC, in the direct deal.
Halloween City has leased 12,254 sf of retail space in Pasadena Town Center, located at the intersection of Pasadena Boulevard and Southmore Avenue, Pasadena, from NewQuest Properties. Bob Conwell and David K. Meyers of NewQuest Properties represented the landlord. Traci Holman of Baker Katz LLC represented the tenant.
Halloween City has leased 10,500 sf of retail space in Brazos Town Center, located at the intersection of Interstate 69 and FM 762, Rosenberg, from NewQuest Properties. Bob Conwell and Meredith McLeod Cobb of NewQuest Properties represented the landlord. Traci Holman of Baker Katz LLC represented the tenant.
85C Bakery Café has leased 5,866 sf of retail space in Sterling Center, 9750 Bellaire Blvd., Houston, from Greatland Investment Inc. Heather Nguyen and John Nguyen of NewQuest Properties represented the tenant. Stephen Le Jr. of Greatland Investment represented the landlord.
Gracia Mexican Kitchen has leased 4,488 sf of restaurant space in Saratoga Town Center, 6418 S. Staples St. Corpus Christi, from NewQuest Properties. David Meyers and Bob Conwell of NewQuest Properties represented the landlord in the direct deal.
Corestaff has leased 2,676 sf of retail space in Fairfield Marketplace, located at the intersection of US Hwy. 290 and Mason Road, Cypress, from NewQuest Properties. Bob Conwell and J.J. McDermott of NewQuest Properties represented the landlord. David Husid of Newmark Grubb Knight Frank represented the tenant.
Autumn Family Dentistry has leased 1,855 sf of retail space in Victory Lakes Shopping Center, located at the intersection of Interstate 45 and FM 646, League City, from Molan Group LLC. Rebecca Le and John Nguyen of NewQuest Properties represented the landlord. Patrick Valentz and Drew Etheridge of Xite Realty LLC represented the tenant.
Artistic Experience has leased 1,514 sf of retail space in Cypress Village Station, located at the intersection of US Hwy 290 and Skinner Road, Houston, from NewQuest Properties. Rebecca Le and Rachael Keener of NewQuest Properties represented the landlord. Christian Barraza of Ellisor Realty Services represented the tenant.
Sub Zero Ice Cream has leased 1,400 sf of retail space in Stableside at Falcon Landing, located at the intersection of Gaston Road and Falcon Landing Boulevard, Katy, from NewQuest Properties. Brad Elmore and Austin Alvis of NewQuest Properties represented the landlord. Jacob Grossman of the Weitzman Group represented the tenant.
Allstate Insurance has leased 1,050 sf of retail space in Eldridge Lakes Town Center, 6350 N. Eldridge Parkway, Houston, from NewQuest Properties. Ashley Strickland and Ronnie Miranda of NewQuest Properties represented the landlord. Barry Sandler of Sandler Realty represented the tenant.
LOUISIANA LEASE
Pita Pit has leased 1,400 sf of retail space in Camp Forbing Marketplace, located at the intersection of Flournoy Lucas and Ellerbe roads, Shreveport, from NewQuest Properties. Bob Conwell and Ashley Strickland of NewQuest Properties represented the landlord. Don Atkins of Atkins Real Estate Group represented the tenant.
