In an off-market transaction, a Harris County otolaryngologist has acquired a brand-new retail center in the heart of the 290 corridor in northwest Houston, snapping up an owner-occupant opportunity with extra class A space to lease.

The ENT physician will occupy 51% of the 15,059-sf project. David Luther, executive vice president of NewQuest Properties' investment sales division, represented the buyer of record, Northeast View LLC. Ashley Strickland, vice president of the Houston-based brokerage firm's healthcare and wellness division, and Nick Ramsey, an associate, have been selected to lease the balance of multi-tenant center at 27230 TX 290 in Cypress.

"It's a high-quality center with great visibility and access to 290," Luther says. "The buyer was attracted to the strategic location, the area's strong demographics and the future residential development at Dunham Pointe."

The 1.5-acre center is situated at the hard corner of 290's frontage road and Louetta, visible to more than 95,000 vehicles per day. Within a five-mile radius, there are more than 32,000 single-family homes planned or under construction. Dunham Pointe, which will rise directly across the freeway, is a 1,327-acre master plan for 300 acres of mixed-use space and up to 3,000 residential lots.

The Shops at 290 & Louetta has 5,200 sf earmarked for the buyer's practice, Houston Sinus & Allergy. If all goes as planned, the physician's new office will open in the summer.

"Medical demand is high in this market, but availability on 290 apart from a hospital campus has always been extremely limited," Strickland says. "It's a good opportunity to have clinic space with community exposure within minutes of Memorial Hermann Cypress and HCA North Cypress hospitals."

Luther approached the developer seven months ago about selling the freeway-fronting retail

building shortly after it delivered. The site has nearly 90 parking spaces. The seller, 290 Louetta Project Ltd., was represented by Joshua Jacobs of Blue Ox Group.

"The buyer wanted this center as soon as he saw it," Luther says, "because of the location, ability to quickly ramp up a new office and his first-hand knowledge of demand in the area for medical and retail space."

SOUTH TEXAS SALES

Northeast View LLC has purchased a 15,059-sf retail center on 1.49 acres at 27230 TX 290, Cypress, from 290 Louetta Project Ltd. David Luther of NewQuest Properties represented the buyer. Joshua Jacobs of Blue Ox Group represented the seller.

SC Houston RE LLC has purchased 5.3 acres at 8205 W. Sam Houston Parkway S, Houston, from CREDTX LLC/KPCC LLC. Austen Baldridge and Andrew Alvis of NewQuest Properties represented the seller in the direct deal.

SOUTH TEXAS LEASE

Coco Bella Hair & Beauty has leased 8,180 sf of retail space in Brazos Town Center Phase II, located at the intersection of Interstate 69/US 59 and FM 762/Reading Road, Rosenberg, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord. Joanna Temple Johnston of Temple Commercial Realty represented the tenant.

Fort Bend Liquor Store has leased 1,500 sf of retail space in Shops at Katy Pointe, located at the intersection of Clay and Porter roads, Katy, from Katy Point Investments. Kevin Sims and Nick Ramsey of NewQuest Properties represented the landlord in the direct deal.

AT Staffing has leased 1,000 sf of retail space in Piney Point Shopping Center, 2622 Fondren Rd., Houston, from RPI Management Co. Josh Friedlander and Bob Conwell of NewQuest Properties represented the landlord. Taylor Stoute and Chase McAteer of Oxford Commercial Real Estate Services 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.