Pushing full throttle on one of its newest developments, NewQuest Properties is poised to start work on its next wave of construction in the Grand at Aliana in Fort Bend County.
Permits are in hand for a 4,456-sf McDonald's restaurant and a 4,800-sf Express Oil Change, both of which will be positioned on one-acre pad sites fronting the Grand Parkway/TX 99 in Richmond. Express Oil will break ground in the coming weeks and McDonald's in early 2021.
In the near future, Timewise will begin work on a 2.21-acre fuel center and a 5,338-sf convenience store, which will be located at the freeway's intersection with West Airport Boulevard.
As the next wave of work ramps up, NewQuest has just delivered 111,351 sf for finish-out to anchors Michaels, Ross Dress for Less, Petco, Five Below, Ulta Beauty and Burlington. The newly completed block of retail has one opening, totaling 2,594 sf. Meanwhile, construction is wrapping up on an abutting 7,400-sf building, of which 1,200 sf is leased to Kumon Math & Reading Center. Year-end openings are planned across the board.
On the opposite side of the project, a 10,454-sf medical facility has just been turned over the CHI St. Luke's Health for finish-out. It is nestled between McDonald's and Express Oil Change.
"This is one of the strongest growth markets in Houston," says Josh Friedlander, a NewQuest vice president who, along with leasing director David Meyers, is preleasing the class A project, which also will feature a 20,000-sf facility for Methodist Primary Care Group.
Express Oil Change's tenant representative was Greg Slusky of Sluco Realty Services. McDonald's real estate director negotiated directly with the NewQuest team.
The NewQuest development is situated between Sugar Land and Katy along the Grand Parkway, a 180-mile outer loop winding through seven counties and triggering exponential exponential growth in every city it touches. "The Grand at Aliana is perfectly spaced," Friedlander says.
The Grand at Aliana is surrounded by two master-planned residential developments that will have roughly 7,300 homes at build-out. More than 1,400 single-family homes are delivering each year in the community. The trade area's population is 133,474 and the average annual household income is hovering $100,000.
At build-out, the Grand at Aliana will seat 400,000 sf of class A restaurant, retail and medical space. A pair of cross-access streets connects NewQuest's 57-acre project to a Target-anchored center and H-E-B grocery store.
"To freeway travelers and customers, it looks like one big power center," Friedlander explains.
NewQuest controls 2,049 linear feet of frontage (0.38 miles) along the Grand Parkway. There are nine pad sites fronting the freeway, four of which have been ground-leased and three still up for grabs. The NewQuest team currently is pre-leasing a pair of multi-tenant buildings to be built on the other two tracts.
Along West Airport Boulevard, NewQuest has slightly more than 931 linear feet of frontage (0.17 miles). There are three available pad sites. Jason's Deli has ground-leased the fourth tract in that stretch of retail.
"We have a lot of activity on our future buildings from restaurant, medical and service tenants," Friedlander says. "The residential growth is strong and there's a lack of competition in the immediate area. As a result, market interest is unusually high."
SOUTH TEXAS LEASES
McDonald's and Express Oil Change each have ground-leased a 0.98-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 Meyers of NewQuest Properties represent the landlord. McDonald's was self-represented. Greg Slusco of Sluco Realty Services represented Express Oil Change.
BBVA has leased 2,450 sf of retail space in Townwest Commons, located at the intersection of TX 79 and CR 119, Hutto, from NewQuest Properties. Meredith McLeod-Cobb of NewQuest Properties represented the landlord. Cassie Watts of CRESA Global 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.
