NewQuest Properties will break ground in the coming weeks on 200,000 sf of class A retail space, the first phase for the Grand at Aliana, a regional commercial development launching at the bull's eye of Houston's strongest residential growth corridor.
The Grand at Aliana is slated to open in Q2 2020 in Richmond, the county seat of Fort Bend County. To date, the development has attracted nine major tenants and six more for ground-lease sites, all national brands. New to the lineup is Baylor St. Luke's Medical Group, which is planning to open a 10,454-sf clinic with urgent and primary care services.
NewQuest's newest development will sit on 57 acres at the northeast corner of the West Airport Boulevard exit of Grand Parkway/TX 99. "Aliana is the hotspot for retail growth in the city of Houston right now," says Josh Friedlander, vice president of the locally based development and brokerage firm.
Retail follows rooftops, as every developer knows. Surrounding NewQuest's 57 acres are two master-planned developments with a build-out of roughly 7,300 homes, of which more than half are completed and occupied. For NewQuest, it's a demographically strong location with 1,400 brand-new single-family homes delivering each year and an average annual household income of $100,000 within a three-mile radius of the Grand at Aliana.
The NewQuest project will be adjacent to a Target-anchored center, which opened in late 2017.
The two retail developments and an H-E-B grocery store are connected by a pair of parallel cross-access streets – West Aliana Trace Drive and Clouston Avenue. "It will look and feel like one big center," Friedlander explains.
The Grand at Aliana's major tenant lineup currently includes 24 Hour Fitness, Burlington, Ross Dress for Less, Michaels, Petco, Ulta Beauty, Five Below, Bath & Body Works and Sketchers. Out-parcels have been ground-leased to McDonald's, Jason's Deli, Freddy's Frozen Custard & Steakburgers, Timewise and Express Oil. Houston-based Baylor St. Luke's new urgent and primary care clinic will be a single-tenant building on a ground-leased one-acre pad site fronting the Grand Parkway.
Friedlander and David K. Meyers, NewQuest's leasing director, began their marketing campaign
in mid-2017 for the Grand at Aliana. One of the project amenities is park-like green space surrounded by 18,000 sf of available restaurant space with patio options. In all, the team has 185,000 sf remaining in the retail center, the catalyst for the upcoming groundbreaking.
The most recent leasing coup, Baylor St. Luke's Medical Group, will be the first healthcare services' provider to enter the northeast Richmond submarket. "Aliana is growing fast and is underserved for medical," Friedlander says. "Baylor St. Luke's Medical Group wanted to be the first in this market."
The co-tenanting of medical, retail and restaurants is one of the strongest trends to emerge in recent years as the healthcare industry focuses on providing convenience-based care and strengthening ties to communities in service regions. Baylor St. Luke's Medical Group operates a network of more than 250 multidisciplinary healthcare providers at its hospitals, medical centers, primary care clinics and urgent/emergency care facilities in Greater Houston.
SOUTH TEXAS LEASES
Baylor St. Luke's Medical Group has pre-leased a 10,454-sf building to be built on a one-acre pad site in the Grand at Aliana, located at the intersection of Grand Parkway/TX 99 and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David K. Meyers of NewQuest Properties represented the landlord. Chris Wadley and Emily Asmus of JLL represented the tenant.
Rachael's Hallmark has leased 4,500 sf of retail space in Grand Morton Town Center, located at the intersection of the Grand Parkway/TX 99 and Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord in the direct deal.
Crawfish Café has leased 3,494 sf of retail space in Shepherd Row in the Heights, 1002 N. Shepherd Dr., Houston, from 1002 N. Shepherd Realty Ltd. John Nguyen and Grace La of NewQuest Properties represented the tenant. Zach Wolf of Braun Enterprises represented the landlord.
Precise Personnel has leased 930 sf of retail space in Keystone Plaza, 10610 Northwest Freeway, Houston, from Keystone 290 Partnership LLC. John Nguyen and Grace La of NewQuest Properties represented the landlord in the direct deal.
CENTRAL TEXAS LEASES
The Ranch Orthodontics has leased 2,500 sf of medical office space in Townwest Commons, 123 Ed Schmidt Blvd., Hutto, from NewQuest Properties. Meredith McLeod-Cobb of NewQuest Properties represented the landlord in the direct deal.
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.
