NewQuest Properties is closing in on lease-up of Cypress Springs Plaza, signing a Pearle Vision franchisee to a long-term lease in one of northwest Houston's rapidly expanding suburbs.
Pearle Vision has leased 2,800 sf in the class A project at 7710 Fry Rd. in Cypress. A spring opening is anticipated for the vision center, which will be joining Sherwin Williams and the Dental Studio in the four-tenant development.
Founded in 1961, Pearle Vision is one of the largest franchised optical retailers in North America. There are at least 419 franchises and 110 corporate stores in its portfolio.
As a result of the new lease, the landlord, SGRE Cypress Retail I Ltd., is planning to white-box the 1,450-balance of the 11,750-sf project. The ready-to-go space will be ready to occupy in late February or early March.
"Because Cypress Springs Plaza is the newest center in the area, we have a lot of interest from prospective tenants who want space ASAP," says Rachael Keener, vice president of Houston-based NewQuest.
Keener and Chris Dray, executive vice president of NewQuest, lease Cypress Springs Plaza for the Houston-based landlord. The center's new tenant, Pearle Vision, was represented by Jack Burgher of Streetwise Retail Advisors.
Cypress Springs Plaza was developed in 2017 by SGRE, which also owns the adjacent vacant land. It is located directly across the street from Cypress Springs High School and close to two other Cy-Fair Independent School District educational facilities.
Cypress is an unincorporated part of Harris County that's growing exponentially due to its highly ranked school district, affordable suburban lifestyle and relatively easy commute to major employment centers in the region. The population is nearly 264,000 within the five-mile trade area of Cypress Springs Plaza, which is south of a proposed Walmart and roughly six miles north of NewQuest's Fairfield Marketplace. Demographical studies show the median age is 32.8 years and the average household income is $96,799 per year.
"This is an area that's in the path of growth and one with a sustainable future," Keener emphasizes. "There are 2,500 homes planned for the land west of Cypress Springs Plaza and multifamily projects right down the road."
SOUTH TEXAS SALE
Lieven J. Van Riet, trustee, has sold 12.21 acres at the intersection of TX 6 and Oyster Creek Place, Missouri City, to LTF Real Estate Co. Inc. J.J. McDermott and Jon Jamison of NewQuest Properties represented the seller. Shaw MacIntyre of Streetwise Retail Advisors represented the buyer.
SOUTH TEXAS LEASES
Pearle Vision has leased 2,800 sf of retail space in Cypress Springs Plaza, 7710 Fry Rd., Cypress, from SGRE Cypress Retail I Ltd. Chris Dray and Rachael Keener of NewQuest Properties represented the landlord. Jack Burgher of Streetwise Retail Advisors represented the tenant.
Mint Dentistry has leased 1,970 sf of retail space in the Baybrook Collection, 19222 Gulf Freeway, Friendswood, from Rich/Alpine LLC. Nick Ramsey and Ashley Strickland of NewQuest Properties represented the landlord. Matt Smoot of Golden Rule Real Estate represented the tenant.
Heights Endodontics has leased 1,587 sf of retail space in Heights Central Station, 1050 Yale St., Houston, from MFT Heights LP. Chris Dray and Rachael Keener of NewQuest Properties represented the landlord. Drew Etheridge of Xite Realty 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 $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
