Frost Bank and WingStop are joining the lineup in Eastex Shopping Center in northeast Houston, inking long-term leases for a project on the cusp of significant change.
Construction will begin in the summer on upgrades to the shopping center, located at the junction of Interstate 69/US Hwy. 59 and Little York Road. The redesign will be a mix of renovation and redevelopment.
"This will be the first new construction in several years in this corridor. We have more demand here than space," says John Nguyen, vice president of Houston-based NewQuest Properties. He and Heather Nguyen, a development partner, are leasing the property for the Colorado-based owner, PF-Eastex LLC, which acquired the property about two years ago.
Frost Bank and WingStop have leased 2,924 sf and 1,500 sf, respectively, in the same out-parcel building, which will undergo an exterior renovation in tandem with tenant finish-outs. The bank lease has been one year in the making. At the opposite end of the 12-acre retail property, another stand-alone structure will be scraped and replaced with 25,000 sf of brand-new restaurant and retail space for existing and future tenants.
"This is a value-add play on the part of the owner, who recognizes the grocery anchor, Mi Tienda, has made this property into a destination," Nguyen says. "Eastex will emerge with a more unified look, a walk-able design and appealing features like patio dining. It will breathe even more life into the neighborhood."
Frost Bank and WingStop are planning October openings. The bank has snapped up end-cap space fronting Little York Road. The NewQuest team has a 1,103-sf un-leased suite between the bank and WingStop in the soon-to-be-renovated building and 12,380 sf of available space in the to-be-built structure.
Scott Gardner of Streetwise Retail represented Frost Bank in the long-term lease talks with the NewQuest team. The WingStop lease was a direct deal.
Eastex Shopping Center was developed in 1969 and redeveloped several years ago when Texas-based HEB master-leased 109,000 sf for its Latin grocery concept, Mi Tienda. The project has 36,707 sf of additional retail space, the bulk of which is filled. Major tenants are DD's Discount, Japaleno's restaurant, Rent-A-Center and Speed Queen.
"Mi Tienda is the best grocery anchor in the market. We get a lot of calls about this project," Nguyen says. "Definitely the Hispanic market is great for retail."
The landlord has selected Levison Alcoser Associates LP of Houston as the project architect. The general contractor has not yet been determined.
NORTH TEXAS LEASE
CBD American Shaman has leased 1,400 sf of retail space in McKinney Marketplace, 3001 S. Central Expressway, McKinney, from BRE RC McKinney MP TX LP. Andrew Alvis of NewQuest Properties represented the tenant.Paul Sheppard of ShopCore Properties represented the landlord.
SOUTH TEXAS LEASES
Auto Zone has ground-leased a 26,796-sf retail pad site in the Conroe North Redevelopment, 3830 W. Davis St., Conroe, from NewQuest Properties. Rebecca Le and Heather Nguyen of NewQuest Properties represented the landlord. Independent brokerEdwin Williams of Austinrepresented the tenant.
Frost Bank has leased 2,924 sf of retail space in Eastex Shopping Center, located at the intersection of US Hwy. 59 and Little York Road, Houston, from PF-Eastex LLC. Heather Nguyen and John Nguyen of NewQuest Properties represented the landlord. Scott Gardner of Streetwise Retail represented the tenant.
Lumin Lash has leased 1,593 sf of retail space in Brazos Town Center, located at the intersection of Interstate 69/US Hwy. 59 and FM 762, Rosenberg. Austen Baldridge and Bob Conwell of NewQuest Properties represented the landlord in the direct deal.
WingStop has leased 1,500 sf of retail space in Eastex Shopping Center, located at the intersection of US Hwy. 59 and Little York Road, Houston, from PF-Eastex LLC. Heather Nguyen and John Nguyen of NewQuest Properties represented the landlord in the direct deal.
CBD American Shaman has leased 1,050 sf of retail space in Copperfield Crossing, located at the intersection of TX 6 and FM 529. Andrew Alvis of NewQuest Properties represented the tenant.
Lauren Shepperd of Global Fund Investments LLC represented the landlord.
