As three anchors prep to open in March, NewQuest Properties has completed a long-anticipated lease with Bath & Body Works LLC, adding a brand with Fortune 500 ties to a rapidly growing list of national tenants in the Grand at Aliana in Fort Bend County.
The 4,000-sf Bath & Body Works is eyeing an April opening, roughly one month after doors swing open at Michaels Crafts, Ross Dress for Less and Ulta. Also expanding their footprints in Greater Houston are franchisees for Chicken Kitchen and the Joint Chiropractic, which have leased 1,400 sf and 1,050 sf, respectively.
The Grand at Aliana will be Bath & Body Works' second location in Richmond. The new store will be situated near one of the main entrances to the development and adjacent to the anchor lineup as well as being visible and easily accessible from the neighboring project, a Target-anchored center.
"They wanted to be within the co-tenancy of Michaels, Ross, Ulta and Burlington," says Josh Friedlander, a NewQuest vice president, who leases the Grand at Aliana along with David Meyers, the Houston-based brokerage's firm leasing director.
Mike Wheeler of Streetwise Retail Advisors represented Bath & Body Works. Brad Kilbride of Lee & Associates handled negotiations for Chicken Kitchen, which is planning to open its second location in Greater Houston by year's end. Independent broker Jim Pappas was the tenant representative for Joint Chiropractic, a national franchise group anticipating an opening in 2022.
The Grand at Aliana is situated at the intersection of West Grand Parkway/TX 99 and West Airport Boulevard in Richmond's southern sector, where at least one million sf of commercial space has been built or will soon come on line. There is a cross-access agreement with the neighboring Target-anchored center, building in synergies and enhancing the flow of traffic. The NewQuest project, which broke ground about two years ago, will total 400,000 sf at build-out.
"We're just over the half-way mark with built and under-construction space," Friedlander says.
NewQuest's leasing team is focused on assembling a line-up of in-demand brands, a strategy aimed at fueling expansions by retailers and restaurateurs seeking first and second locations in the submarket. Availability in the first phase is down to 20,000 sf of class A space for retail/restaurant users in the 1,000-sf to 8,000-sf range. The Grand at Aliana also has 12 pad sites, five of which has been ground-leased and developed.
"Leasing has exceeded expectations given the current environment. It's been very hot in the past few months," Friedlander says. "I've found strong growth markets are particularly resilient to the impact COVID has had on the retail industry."
According to market reports, Fort Bend County is ranked third in the state for purchasing power and second for attracting wealthy residents to its midst. The Grand at Aliana's trade area boasts a population of 133,474 with the average annual household income hovering $100,000. More than 1,400 single-family homes are delivering each year in the submarket.
Bath & Body Works, a subsidiary of L Brands Inc., has more than 1,900 stores worldwide. Its parent company, which holds a Fortune 500 ranking, recently reported the chain had a 17% increase in sales during the Christmas season.
As for the Bath & Body Work's newest location in the Grand at Aliana, tenant finish-out will begin by month's end. "They're moving fast to open this store," Friedlander says.
SOUTH TEXAS LEASES
Bath & Body Works LLC has leased 4,000 sf of retail space in the Grand at Aliana, located at the intersection of West Grand Parkway S. and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest Properties represented the landlord. Mike Wheeler of Streetwise Retail Advisors represented the tenant.
Marble Slab Ice Cream and Great Cookie Company have leased 1,413 sf of retail space in Grand Morton Town Center, located at the intersection of Grand Parkway and Morton Ranch Road, Katy, from NewQuest Properties. Rebecca Le and Josh Friedlander of NewQuest Properties represented the landlord. Kristen Barker of Wulfe & Co. represented the tenants.
Chicken Kitchen has leased 1,400 sf of retail space in the Grand at Aliana, located at the intersection of West Grand Parkway S. and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest Properties represented the landlord. Brad Kilbride of Lee & Associates represented the tenant.
The Joint Chiropractic has leased 1,050 sf of retail space in the Grand at Aliana, located at the intersection of West Grand Parkway S. and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest Properties represented the landlord. Independent broker Jim Pappas represented the tenant.
Monica Udeh, dba Waxx-A-Holix Body Waxing, has renewed 508 sf of retail space in Windcliff Town Center, located at the intersection of Jones and Cypress North Houston roads, Houston, from NewQuest Properties. Kevin Sims and Brett Strake of NewQuest Properties represented the landlord in the direct deal.
SOUTH TEXAS SALES
Shogun Group Corp. has purchased a 4,993-sf former IHOP restaurant on 1.1 acres at 15444 Hwy. 105 W., Montgomery, from Sagamore Hill Holdings LLC. Bob Conwell and Austen Baldridge of NewQuest Properties represented the buyer. Jazz Hamilton and Rusty Lilley of CBRE represented the seller.
Yes Prep Public Schools Inc. has purchased 8.24 acres of raw land at 441 Little York Rd., Houston, from BRI Investment Inc. John Nguyen of NewQuest Properties represented the seller. Tami Pearson of Waterman Steele represented the buyer.
NORTH TEXAS LEASE
Poolwerx has leased 1,420 sf of retail space in Lantana Town Center, located at the intersection of FM 407 and Jeter Road, Bartonville, from NewQuest Properties. Josh Friedlander and Kevin Sims of NewQuest Properties represented the landlord. Roger Smeltzer Jr. of Vision Commercial Real Estate 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.
