Local developer BCTS Partners LLC has sold the 91%-leased Copper Lakes Shopping Center in the Cy-Fair submarket in west Houston to Parkway Brothers Investment Inc., bringing a quick close in a race to claim the only retail at a built-out intersection with schools and churches.
Copper Lakes is a two-building project with 16,080 sf of retail and 7,000 sf of office space on 2.68 acres at 17111 and 17121 West Rd., respectively, in Houston. Austen Baldridge and Brad Elmore of Houston-based NewQuest Properties represented the seller.
"We had a lot of interest and multiple offers," says Baldridge, who recently was promoted to senior associate. "With Copper Lakes being the only retail at that intersection, it has excellent potential to stay leased for the long term. It's perfect for serving the nearby established neighborhoods."
BCTS Partners developed the mixed-use project in 2007 on the southwest corner of West Road and Queenston Boulevard, primary arteries for a high-growth corridor with numerous master-planned single-family developments, including the adjacent Copperfield Westcreek Village and Copper Lakes. On the other corners are West Houston Church of Christ, St. Cuthbert Episcopal Church and Birkes Elementary and Aragon Middle schools, which have a combined enrollment of nearly 3,000 students. The Cy-Fairbanks Independent School District is one of the leading public educational systems in the state for academic achievement and athletics.
Copper Lakes Shopping Center is anchored by Fitness 19, which inked a 7,000-sf renewal shortly before the NewQuest team's marketing campaign got underway. The retail space, which is fully leased, also includes Snowflake Donuts, EZ Floors, Homebase Pizza, ZL Dentistry & Orthodontics, Hollywood Fashion Nails and Spots Cleaners. The office component houses the headquarters of EthosIQ, a software and technology company; a State Farm insurance agency; and a 2,000-sf vacant suite, the only available space in the project. The average remaining lease term overall is at least four years.
Copper Lakes was under contract in less than two months. "The project's assumable loan tightened the pool of potential buyers. Our client had a high degree of confidence in Parkway Brothers' ability to close the deal because of its prior experience with the lender," Baldridge says.
Parkway Brothers has acquired a mixed-use property with minimal competition within a one-mile radius. More than 40,000 vehicles per day pass Copper Lakes, which is strategically positioned at a going-home intersection close to US Hwy. 290 and TX 6/FM 1960. Andy Hsu of AA Realty Co. represented the buyer.
SOUTH TEXAS SALES
BCTS Partners LLC has sold Copper Lakes Shopping Center, a two-building project with 16,080 sf of retail and 7,000 sf of office space, on 2.68 acres at 17111 and 17121 West Rd., Houston, to Parkway Brothers Investment Inc. Austen Baldridge and Brad Elmore of NewQuest Properties represented the seller. Andy Hsu of AA Realty Co. represented the buyer.
Morrow Holding Co. LLC has sold a 3,570-sf restaurant on 0.57 acres at 3008 Ella Blvd., Houston, to AYG Ella LLC. Austen Baldridge and Bob Conwell of NewQuest Properties represented the seller. Chris Reyes of Shop Cos. represented the buyer.
SOUTH TEXAS LEASES
Fresenius Kidney Care has ground-leased a 6,520-sf pad site in Fairfield Towne Center, located at the intersection of US Hwy. 290 and Mason Road, Fairfield, from NewQuest Properties. Bob Conwell and J.J. McDermott of NewQuest Properties represented the landlord. Carlos Izquierdo of Bayou City Real Estate represented the tenant.
