NewQuest Properties will break ground in the coming months on a 66,000-sf expansion of Grand Morton Town Center, preleasing the lion's share of the class A retail space to HomeGoods, Michaels, Petco and Hallmark.
"These retailers will bring a tremendous amount of value to Grand Morton Town Center. Our smaller shops will benefit greatly from having these new junior anchors," says Josh Friedlander, an associate with NewQuest Properties. He and Rebecca Le, a vice president, lease the 89-acre regional retail hub in northeast Katy for the Houston-based developer.
There is still 10,000 sf of available space in the upcoming project. HomeGoods, a division of TJX Companies, has preleased 22,200 sf; Michaels Stores Inc., 21,760 sf; Petco Animal Supplies Inc., 12,500 sf; and Hallmark Cards Inc., 4,500 sf. The stores are anticipated to open in early summer 2019.
"This completes our phase one retail. We have just a handful of pad sites available in this phase," Friedlander says.
NewQuest's new building will neighbor the 123,531-sf Kroger Marketplace, which has consistently been one of the Ohio-based grocer's top performers since its opening in 2016. The second phase is anchored by a 186,902-sf Walmart super-store, also a leading revenue generator for the Fortune 500's No. 1 company. Grand Morton Town Center is bisected by the Grand Parkway/TX 99, where the developer controls more than three-quarters of a mile of freeway frontage. At build-out, the NewQuest development will be home to 600,459 sf of retail, restaurants and medical office space.
"99 and Morton Ranch Road has turned into a huge regional intersection," Friedlander says. "We hope with the synergy to be gained from this anchor lineup that we can continue the momentum into phase two."
NewQuest has 13 acres awaiting development in phase two. The seven-mile trade area's population is pushing 400,000. The average annual household income is nearly $113,000.
"Grand Morton Town Center fills a void in the marketplace for HomeGoods, Michaels, Petco and Hallmark," Friedlander says, "and there are others that will discover that too."
Culver Stedman of Edge Realty represented Framingham, Mass.-based HomeGoods. Joan Cullum of Cullum Commercial was the tenant representative for Dallas-based Michaels. NewQuest's Matt Reed handled negotiations for Petco, which maintains corporate offices in San Diego and San Antonio. Hallmark Cards Inc., headquartered in Kansas City, Mo., was a direct deal.
SOUTH TEXAS LEASES
HomeGoods has leased 22,200 sf of retail space 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. Culver Stedman of Edge Realty represented the tenant.
Michaels Stores Inc. has leased 21,760 sf of retail space 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. Joan Collum of Collum Commercial represented the tenant.
Just Danze has leased 2,163 sf of retail space in Willowbrook Pavilion, located at the intersection of TX 249 and Millsview Road, Houston, from NewQuest Properties. Ryan Kelsall of NewQuest Properties represented the landlord. Ronnie Miranda of NewQuest Properties represented the tenant.
Comet Cleaners has leased 1,585 sf of retail space 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. Kyle Knight of Weitzman Group represented the tenant.
Yoshi Sushi & Ramen has leased 1,200 sf of retail space in West U Marketplace, located at the intersection of Bellaire Boulevard and Weslayan Street, Houston, from U West Marketplace Associates LP. Josh Friedlander of NewQuest Properties represented the tenant. Matt Brock of
Fidelis Realty Partners represented the landlord.
Flowers and Cream has leased 1,200 sf of retail space at Holcombe Boulevard Kirby Drive, Houston, from RPI Management. Josh Friedlander and Bob Conwell of NewQuest Properties represented the landlord. Shireen Owila of NewQuest Properties represented the tenant.
SOUTH TEXAS SALES
Michael Richard Rechter, trustee of Alan Jeffery Rechter Heritage Trust has purchased a 4.96-acre development site along Kingwood Drive, Kingwood, from Kingwood Health Holdings LLC. Danny McCormack of NewQuest Properties represented the buyer and seller.
Primax Properties LLC has purchased a 2.31-acre development site at the intersection of FM 1960 and Deerbrook Park Boulevard, Humble, from Asset Preservations Inc. Chris Dray and Brad Elmore of NewQuest Properties represented the seller. Stephen Tou of the Retail Connection represented the buyer.
Panda Express has purchased a 0.67-acre pad site in Sam Houston Town Center, located at the intersection of Interstate 45 and FM 1097, Willis, from NewQuest Properties. Andrew Alvis of NewQuest Properties represented the seller. Greg Stanislawski of the Retail Strategy Real Estate Group represented the buyer.
Bellarie Wilcrest Elevia Inc. has purchased a 5,500-sf retail building on 0.94 acres at 2427 FM 1960 W, Houston, from James P. Logan Jr. Austen Baldridge and Brad Elmore of NewQuest Properties represented the seller. Bryan Luong of South Texas Prime Properties represented the buyer.
