NewQuest Crosswell has sold the first pad site of a prominent six-acre tract fronting the Grand Parkway in Katy to Billiard Factory Inc., which is mapping out plans for a 14,000-sf owner-occupied project with extra space for a few retail tenants.
The seller's land is situated in the bull's eye of development at one of Katy's busiest intersections – Grand Parkway/TX 99 and Morton Ranch Road. Billiard Factory has acquired 1.5 acres with direct access to the feeder road and an unobstructed view from the heavily traveled freeway.
"It's an intersection with dense retail, new business and strong growth of all kinds. That was the attraction for the buyer," says Josh Friedlander, vice president of Houston-based NewQuest Properties. He and colleague Rebecca Le represented the seller.
NewQuest Crosswell's land is being marketed for sale or ground lease. Adjacent to the acreage is a brand-new Starbucks, situated at the hard corner of Morton Ranch Road. A cross-access agreement is in place between the owners. Directly across the freeway is NewQuest Properties' Grand Morton Town Center, which also has ground-lease pad sites available.
"The Stick family wanted to own and not ground lease. And, there's not a lot of freeway-fronting land for sale in this area," explains Friedlander, who also leases Grand Morton Town Center along with Le. "We've had a lot of interest in the balance of the land."
Billiard Factory is a Houston-based, family-owned business with 10 stores in Texas, Florida and Nevada. Katy will be its fifth showroom in Greater Houston. The new project already has landed its first tenant, First Community Credit Union. The buyer's broker for the acquisition was Clay Trozzo of Property Commerce.
Katy's strong demographical profile is the drawing card for retailers like Billiard Factory, which deals in high-end indoor and outdoor home entertainment furniture and accessories. It has consistently remained one of the highest growth residential markets in the nation. In the three-mile trade area, the population has spiked 60% to nearly 29,000 residents in the past nine yearsand the average household income now tops $80,000 per year.
"It's always good to see new retail business come to a community," Friedlander says. "Hopefully, Katy will be excited about the Billiard Factory and will support it."
SOUTH TEXAS SALE
NewQuest Crosswell has sold 1.5 acres fronting Grand Parkway/TX 99, Katy, to the Billiard Factory for future retail development. Josh Friedlander and Rebecca Le of NewQuest Properties represented the seller. Clay Trozzo of Property Commerce represented the buyer.
SOUTH TEXAS LEASES
Coldwell Banker Realty has leased 4,000 sf of office space in Cypress Village Station, located at the intersection of US Hwy. 290 and Skinner Road, Cypress, from NewQuest Properties. Kevin Sims of NewQuest Properties represented the landlord. Margaret Ann Cook of Fritsche Anderson Realty Partners represented the tenant.
House of Zen Luxury Med Spa has leased 1,202 sf of retail space in Cypress Village Station, located at the intersection of TX 290 and Skinner Road, Cypress, from NewQuest Properties. Kevin Sims of NewQuest Properties represented the landlord. Linda Flanagan of Home Team 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.
