Signaling a long-awaited start to construction, NewQuest Properties has finalized ground leases with Olive Garden and Jason's Deli for the last two restaurant sites in the 202,824-sf Fairfield Marketplace, a grocery-anchored neighborhood center in northwest Harris County.
Both restaurants will break ground in approximately 30 days. Olive Garden will occupy a 1.8-acre site at the main entrance of Fairfield Marketplace, located at the intersection of US Hwy. 290 and Mason Road in Cypress. Jason's Deli will be built on a 1.05-acre interior pad.
"Olive Garden will be one of the few true sit-down casual restaurant in this tremendously underserved market for family dining," says Bob Conwell, senior vice president of Houston-based NewQuest Properties, who has invested 3 ½ years into moving the deal across the finish line. The lengthy timeline involved acquiring a tract from the Texas Department of Transportation and working out easements.
"We've had a lot of inquiries from Fairfield residents about when Olive Garden and Jason's are going to open," Conwell says. "The goal is to open by the holidays."
The 7,954-sf Olive Garden and 4,690-sf Jason's Deli will be built on abutting tracts in the 23-acre retail center, which is positioned at ground zero for the 3,200-acre Fairfield and future 1,327-acre Dunham Pointe. The immediate area is master-planned for up to 9,100 single-family homes.
Fairfield Marketplace is anchored by a 123,000-sf Kroger Signature store, which opened doors four years ago. The project's retail component is now 100% leased with the two new signings; its only availability is 4,800 sf of second-floor office space.
"Fairfield Marketplace has exceeded our expectations in the quality of tenants that we have and the speed in which the project was leased," says Conwell, who teams with J.J. McDermott, a senior associate, on the assignment. The project neighbors a 105-bed Memorial Hermann
Hospital and is close to Simon Premium Outlets.
Within the one-mile trade area, the population has skyrocketed nearly 112% since 2010. The average household income tops $114,000 per year. And the median age is just shy of 35, a strong indicator that neighboring communities are filled with upwardly mobile Millennials and growing families.
Olive Garden's site was highly sought after by national brands because it offers an unobstructed view of the 290, which is used by nearly 90,000 motorists each day. "We had multiple inquiries, but we had committed to Olive Garden early on and they had made a commitment to us," Conwell explains. "We honored that commitment."
Olive Garden's tenant representative was Grant Walker of Transwestern. Conwell represented the ownership.
Jason's Deli was represented by Brad Sondock of Retail Properties Group. Conwell and McDermott handled negotiations for NewQuest.
SOUTH TEXAS SALE
GSD Pearland-Kingsley has purchased 2.35 acres (southeast quadrant) at the intersection of Shadowcreek Parkway and Kingsley Drive, Pearland, from A-S 143 SC Ranch LP. Brad LyBrand and Brad Elmore of NewQuest Properties represented the seller. Chris Bergmann of JLL represented the buyer.
SOUTH TEXAS LEASES
Olive Garden has ground-leased a 1.8-acre pad site in Fairfield Marketplace, located at the intersection of TX 290 and Mason Road, Cypress, from NewQuest Properties. Bob Conwell of NewQuest Properties represented the landlord. Grant Walker of Transwestern represented the tenant.
Jason's Deli has ground-leased a 1.05-acre pad site in Fairfield Marketplace, located at the intersection of TX 290 and Mason Road, Cypress, from NewQuest Properties. Bob Conwell and J.J. McDermott of NewQuest Properties represented the landlord. Brad Sondock of Retail Properties Group represented the tenant.
Natural Pawz has leased 4,013 sf of retail space in Washington Central, 2015 Washington Ave., Houston, from DZ Washington LLC. Ashley Strickland and Nick Ramsey of NewQuest Properties represented the landlord. Ben Brown of Baker Katz represented the tenant.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.08 billion and provides leasing services for more than 12 million square feet of commercial space in Texas and Louisiana.
