With 51 stores now open in Greater Houston, Ross Dress for Less has honed in on nine more strategic suburban locations to further expand its brand as it marks its 23rd year of steady rollouts throughout the region. A similar strategy is underway for its sister chain, dd's DISCOUNTS.
The California-based retail chain essentially is encircling the metro with the new Ross locations: Conroe and Spring in the northern tier, New Caney in the northeast and Richmond in the southwest. Meanwhile, five more Ross leases with 2018 opening dates are in various stages of the approval process in the stepped-up focus by the parent company, Ross Stores, which also is working deals for three more dd's DISCOUNTS locations.
"Houston is a really good market for Ross demographically," says Matthew Reed, vice president of Houston-based NewQuest Properties. He and NewQuest associate Shireen Owlia are brokering the deals for Ross Stores.
In Conroe, Ross has just signed a 25,000-sf lease for 336 Marketplace, a 102-acre retail development at the junction of Loop 336 and Interstate 45 N. It will be the chain's second store in Conroe. The anticipated opening is late February 2018.
"Ross was one of the first tenants to commit to 336 Marketplace," Reed says.
A Ross store is under construction in Grand Parkway Marketplace in Spring. It will open in July. Also this year, October openings are penciled for Valley Ranch Town Center in New Caney and Aliana Marketplace in Richmond.
As for dd's, work has just wrapped up on a 16,000-sf store in Northtown Plaza at 5402 North Freeway, also in north Houston. Add in the three pending leases and dd's will have 20 stores in Greater Houston, possibly by year-end.
"There is a lot in the pipeline for both chains," Reed says. "Houston is a really good market for their demographics." The average store size is roughly 30,000 sf for Ross Dress for Less and 22,000 sf for dd's.
Ross Stores this year is focusing on expansions in Texas, Florida and California as well as the Midwest. The company currently has 1,561 Ross Dress for Less and dd's DISCOUNT stores in 37 states, the District of Columbia and Guam.
"They've been phenomenally successful in all types of economies," Reed points out. "Houston is not Ross' biggest market in terms of stores, but it's one of its better markets."
The developer of 336 Marketplace, Fidelis Realty Partners, had in-house broker Carson Wilson negotiating the lease. Northtown's owner, Brixmor Holdings, was represented by in-house executives, Mike Axelrad and Michael Moss.
SALE
Barker-Cypress/FM 529 LP has sold a 1.8-acre tract at the intersection of FM 529 and Sommerall Road to GM SAI LLC. Jeff Lokey of NewQuest Properties represented the seller in the direct deal.
SOUTH TEXAS LEASES
Whataburger has ground leased a 42,575-sf retail pad site in Grand Morton Town Center, located at the intersection of Grand Parkway and Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. Scott Gardner of Streetwise Retail represented the tenant.
Ross Dress for Less has leased 25,000 sf of retail space in 336 Marketplace, located at the intersection of Loop 336 and Interstate 45 N, Conroe, from Fidelis Realty Partners. Matt Reed and Shreen Owlia of NewQuest Properties represented the tenant. Carson Wilson of Fidelis Realty Partners represented the landlord.
dd's Discount has leased 16,000 sf of retail space in Northtown Plaza, 5402 North Freeway, Houston, from Brixmor Holdings. Matt Reed and Shireen Owlia of NewQuest Properties represented the tenant in the direct deal. Mike Axelrad and Michael Moss of Brixmor Holdings represented the landlord.
Full Psycle has leased 2,457 sf of retail space in Market Street – The Woodlands, 9595 Six Pines Dr., The Woodlands, from IMI Market Street LLC. Shireen Owlia and Matt Reed of NewQuest Properties represented the tenant. Kara Rafferty of Trademark Property Co. represented the landlord.
Local Pub & Grill has leased 2,115 sf of retail space in the Shops at Katy Reserve, located at the intersection of FM 1463 and Spring Green Boulevard, Katy, from NewQuest Properties. Bob Conwell and J.J. McDermott of NewQuest Properties represented the landlord. George Miller of Lee Howard & Associates represented the tenant.
European Wax Center has leased 1,211 sf of retail space in the Shops at Katy Reserve, located at the intersection of FM 1463 and Spring Green Boulevard, Katy, from NewQuest Properties. Bob Conwell and J.J. McDermott of NewQuest Properties represented the landlord. Matt Reed and Shireen Owlia of NewQuest Properties represented the tenant.
