A second retail developer has taken a 3.2-acre stake in a prime site near the 10,500-acre Sienna Plantation as the seller finalizes plans with the Texas Department of Transportation to construct a turn lane at the lighted intersection of TX 6 and Oyster Creek Place in Fort Bend County.
Interest in the land has been triggered by the seller's decision last summer to subdivide 12 acres, prompting an immediate seven-acre sale in an unrelated transaction. The newest ground play has come from Palta Inc., which is planning to develop small shop space on a site fronting the six-lane highway and facing Houston Methodist's emergency care center and primary care group's facility.
"We've attracted two experienced retail developers now that the land's been subdivided. That decision has generated a lot of momentum," says J.J. McDermott, associate of Houston-based NewQuest Properties. He and colleague Jon Jamison, also an associate, are marketing the land for Lieven Van Riet, trustee, who also owns 13 acres directly across the street.
"The seller hopes to start construction in May on the turn lane and two curb cuts," McDermott says. "The retail centers should break ground about the same time."
The latest buyer was represented by Josh Sebesta of S&P Interest LLC. The NewQuest team has 4.2 acres remaining of the subdivided acreage. There are no plans to subdivide the 13-acre site.
Van Riet's land has a combined 2,970 feet of highway frontage. More than 50,000 vehicles per day use TX 6 to commute from southwest Houston to employment centers like the world-famous Medical Center and downtown.
"Sienna Plantation has been leading Houston's residential growth for three or four years running," McDermott says. "It's a strong area with higher-end demographics. And, there's not a lot of available land."
In the three-mile trade area, population has increased 50.2% to 66,806 since 2010. The average annual income is $143,763.
CENTRAL TEXAS LEASES
Waxing the City has leased 1,505 sf of retail space in Stone Hill Town Center, located at the intersection of TX 130 and 45, Pflugerville, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. Beckie Schultz of Franchise Real Estate represented the tenant.
Duck Donuts has leased 1,314 sf of retail space in Stone Hill Town Center, located at the intersection of TX 130 and 45, Pflugerville, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. T.J. Powell of SRS Real Estate Partners represented the tenant.
SOUTH TEXAS LEASES
PetSmart has renewed 27,133 sf of retail space in Market Square at Eldridge, location at the intersection of Westheimer Road and Eldridge Parkway, Houston. David Meyers and Josh Friedlander of NewQuest Properties represented the landlord. Craig Wielansky of L3 Corp. represented the tenant.
Glo Sun Spa – Cypress 5 has leased 2,800 sf of retail space in Cy-Fair Retail, located at the intersection of Spring Cypress and Skinner roads, Cypress, from NewQuest Properties. Rebecca Le of NewQuest Properties represented the landlord in the direct deal.
The Joint Chiropractic has leased 1,400 sf of retail space in Brazos Town Center, located at the intersection of Interstate 69/US Hwy. 59 and FM 762, Rosenberg, from NewQuest Properties. Austen Baldridge and Bob Conwell of NewQuest Properties represented the landlord. Jim Pappas of Pappas Real Estate represented the tenant.
Vital Wireless has leased 1,252 sf of retail space in Fondren Southwest Village, located at the
intersection of West Bellfort and Fondren roads, Houston, from Garrison Fondren LLC. Austen
Baldridge and J.J. McDermott of NewQuest Properties represented the landlord. Farid Chatur of Apex Realtors represented the tenant.
Farmers Insurance Group has leased 1,190 sf of retail space in Brazos Town Center, located at the intersection of Interstate 69/US Hwy. 59 and FM 762, Rosenberg, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord in the direct deal.
SOUTH TEXAS SALE
Palta Inc. has purchased 3.2 acres at the intersection of Oyster Creek Place and TX 6, Missouri City, from Lieven Van Riet, trustee. J.J. McDermott and Jon Jamison of NewQuest Properties represented the seller. Josh Sebesta of S&P Interest LLC represented the buyer.
