A NewQuest Properties' brokerage team has sold the first of five shovel-ready development sites in the Commercial Reserves at Shadow Creek Ranch in the south Houston suburb of Pearland to a senior living developer who plans to break ground this summer.
Underlying the land sale is Pearland's rapid emergence as a regional healthcare hub, where more than $350 million of medical facilities are open, under construction or will soon break ground. The senior living project will be built on 9.45 acres near the Shadow Creek Parkway-Kingsley Drive intersection and close to Pearland Sports Complex.
"Seniors-related housing product is one of the most active residential categories that we're seeing in this market," says Brad LyBrand of Houston-based NewQuest Properties.
LyBrand and Brad Elmore, a vice president with NewQuest, represented the seller, A-S 143 SC Ranch LP, a single-purpose entity of NewQuest Crosswell. Kennedy Davis of BWH Capital LLC brokered the transaction for the buyer of record, Larkspur Shadow Creek LLC.
"Pearland's growth is really being driven by proximity to Texas Medical Center and downtown Houston," Elmore says, "and localized expansion of research and development, manufacturing and retail industries." The city is the third largest in the Houston MSA and No. 7 on RentCafe's Top 10 list of the most prosperous cities in the U.S., citing a 21% spike in home values since 2000.
Further piquing development interest in Pearland is the SH 288 expansion project, a new 10.3-mile toll road designed to improve traffic flow north into Houston and south to TX 6. The center city is 12 miles to the north and Texas Medical Center, a mere 10. Shadow Creek Ranch will have direct access to the four-lane toll road, slated for completion in mid-2019.
Pearland's population has climbed to nearly 125,000 since 2010, many of whom are professionals and the offspring of Baby Boomers who'd relish living close by their children and grandchildren. The 3,300-acre Shadow Creek Ranch, now in its 17th year of development,
features homes from $249,000 to $800,000 with views of lakes, the town square, a $10.1-
million, 65-acre community sports complex with parks and pools plus miles of hike 'n bike trails. The immediate trade area boasts more than four million sf of retail.
"Shadow Creek Ranch is the pre-eminent master-planned community in Pearland and the 288 Corridor," Elmore says. Since 2004, the commercial development has been spearheaded by Houston developer Allen Crosswell, who acquired the last 63 acres one year ago.
"There is pent-up demand for these commercial reserves. We've had a lot of activity from seniors-related developers," LyBrand says. "We have five contracts in hand for a variety of uses – schools, retail, single-family, medical and age-restricted development."
CENTRAL TEXAS SALE
CRP/AOG Creekside Owner LP has purchased 10.1 acres in Creekside Town Center, located at the intersection of FM 306 and Interstate 35, New Braunfels. David Meyers of NewQuest Properties represented the seller. Glenn Dickerson of NewQuest Properties represented the buyer.
NORTH TEXAS LEASE
K-Pop Station has leased 900 sf of retail space in Frisco Ranch, located at the intersection of Preston Road and Warren Parkway, Frisco, from NewQuest Properties. Heather Nguyen and John Nguyen of NewQuest Properties represented the landlord in the direct deal.
SOUTH TEXAS SALES
Cobalt 201 Ltd. has purchased 15.1 acres at the intersection of FM 1488 and Old Hempstead Road, Magnolia, from the Edwin J. Thomas Trust. Rob Whitaker of NewQuest Properties represented the buyer and seller.
Larkspur Shadow Creek LLC has purchased 9.45 acres at the intersection of Shadow Creek Parkway and Kingsley Drive, Pearland, from A-S 143 SC Ranch LP. Brad LyBrand and Brad Elmore of NewQuest Properties represented the seller. Kennedy Davis of BWH Capital LLC represented the buyer.
Depado Partners Ltd. has purchased 2.6 acres at the intersection of FM 1097 and Plez Morgan Drive, Magnolia, from RTL Management Group LLC. Rob Whitaker of NewQuest Properties represented buyer and seller.
Tomball Equity LLC has purchased 2.05 acres at the intersection of TX 249 and W. Greens Road, Houston, from Greene 21 Ltd. Jeff Lokey of NewQuest Properties represented the seller in the direct deal.
Singh & Singh Investments, dba Kids R Kids, has purchased a two-acre retail pad site in Brazos Town Center, located at the intersection of FM 762 and Reading Road, Rosenberg, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the seller. Ronnie Miranda and Ryan Kelsall of NewQuest Properties represented the buyer.
SDR Retail LLC has purchased 1.67 acres at 15818 TX 288, Pearland, from Zucchini Group LLC. Neal Thomson and Brad LyBrand of NewQuest Properties represented the buyer. David Littwitz of Littwitz Investments Inc. represented the seller.
SOUTH TEXAS LEASES
Dollar Tree Stores Inc. has leased 10,000 sf of retail space in Chambers Town Center, located at the intersection of Interstate 10 and TX 146, Baytown, from NewQuest Properties. Bob Conwell and Brad Elmore of NewQuest Properties represented the landlord. Perry Zieben of Perry Zieben Realty Co. represented the tenant.
Walk On's Bistreaux & Bar has ground-leased a2.14 retail pad site in Katy Grand, located at the intersection of Interstate 10 and Grand Parkway/TX 99, Katy, from NewQuest Properties. Heather Nguyen and Rebecca Le of NewQuest Properties represented the landlord. Jeff Hayes and Caroline Daggett of NewQuest Properties and MacKenzie Landry and Charlie Colvin of Beau Box Commercial Real Estate represented the tenant.
Aviva United Methodist Church has leased 5,000 sf of retail space in Crossing at Stone Creek, 17319 FM 529, Houston, from Zenda Stone Creek US Ltd. Austen Baldridge of NewQuest Properties represented the landlord in the direct deal.
