Archstone Real Estate LLC has purchased three acres from a private investment group to develop a mixed-use project in an expanding commercial corridor of northwest Fort Bend County.
Glenn Dickerson, vice president of Houston-based NewQuest Properties, represented the local seller in a direct deal with Archstone, which is planning to build a retail-and-office project on 3.03 acres at the crossroads of Kingsland Boulevard and Main Street in Katy. The site can support roughly 18,000 sf of commercial space.
"This area of Katy is strong residentially. It's finally starting to experience some commercial development," Dickerson says.
There are more than 208,000 residents within a five-mile trade area of Archstone's site. Within a one-mile radius, the average household income is $181,034 per year and the median price of a home is pushing $355,000.
"Once Archstone got its eyes on this location, the principals knew immediately what they wanted to do," says Dickerson, who also is marketing 10.9 acres right across Kingsland for the same seller. Start to finish, it was only a few months before the smaller tract changed hands.
Locally based Archstone has purchased the southwest corner of the intersection. That and the investment group's northwest corner are going-home sites for residents of the 500-acre WoodCreek Reserve, a master-planned community featuring a 100-acre nature park with old oak trees and the Buffalo Bayou as a natural amenity. The elementary school and junior high, developed in the mid-2000s, are part of the top-ranked Katy Independent School District.
Through the years, commercial development has been gradually edging closer to the Kingsland-Main Street intersection, which is a half mile south of Interstate 10. A new HEB grocery store is the closest retail to date. There are a handful of national chain restaurants about a half mile north at the Kingsland-Pin Oak Road intersection. The neighborhood also is home to the Mark A. Chapman YMCA at Katy Main Street.
"This is a strong location for retail and office development," Dickerson says. "Neighborhood services should do well in this area."
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 $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
