Royalty Dental Associates has purchased a 1.5-acre commercial tract from a local partnership to develop a 10,000- to 12,000-sf medical office project in northwest Houston.
The development site is located close to the Barker Cypress Road and Longenbaugh Drive intersection in Cypress. J.J. McDermott, associate of Houston-based NewQuest Properties, represented the seller, Cypress 1999 Ltd. Maher Moukarim of Capital Heights Properties negotiated on behalf of RF Hamada LLC, the buyer of record.
"It's one of the few remaining commercial development sites in this corridor," McDermott says. "The tract is surrounded by established neighborhoods in one of the fastest-growing suburbs in the Houston MSA. This should be a good site for medical office space."
Construction will soon get underway on the tract, which has 195 feet of frontage along Longenbaugh Drive. If all goes as presently planned, Royalty Dental Associates will occupy part of the building and lease the balance to another medical services' provider.
The local seller originally had nearly 40 acres, which have been subdivided and sold since 1999 to bring basic neighborhood services to the surrounding single-family communities of Copper Lakes, Westgate and Lone Oak Village. Development to date includes Walmart Stores Inc., Walgreen Co., Woodforest Bank, Valero Energy and a shopping center. Opening soon will be DaVita Dialysis, where construction is just now wrapping up. Meanwhile, Germany-based Lidl purchased a site in spring 2017, but has yet to start work. The seller has nine acres in two commercial tracts available for sale.
"We have had strong interest in the remaining acreage," McDermott says. "There's not much that's available for sale."
Cypress remains an unincorporated community in Harris County despite its strong growth patterns and demographics. Within the three-mile trade area of the just-sold site, there are nearly 140,000 residents with an average annual household income of $100,666. And, the Cypress-Fairbanks Independent School District is highly rated statewide.
SOUTH TEXAS SALE
Cypress 1999 Ltd. has sold a 1.5-acre tract at the intersection of Barker Cypress Road and Longenbaugh Dr., Cypress, to RF Hamada LLC. J.J. McDermott of NewQuest Properties represented the seller. Maher Moukarim of Capital Heights Properties represented the buyer.
SOUTH TEXAS LEASES
Grab N Go Tacos has leased 2,146 sf of retail space in Shoppes at Grand Crossing, located at the intersection of Interstate 10 and Grand Parkway (TX 99), from Alle TX 1099 LLC. Nick Ramsey and Ashley Strickland of NewQuest Properties represented the landlord in the direct deal.
Metro PCS has renewed 1,200 sf of retail space in Fondren Southwest Village, located at the intersection of West Bellfort Street and Fondren Road, Houston. Austen Baldridge and Brad Elmore of NewQuest Properties represented the landlord, Garrison Fondren LLC, in the direct deal.
