ROSENBERG, Texas – NewQuest Properties has backfilled a prized 30,039-sf anchor spot in Brazos Town Center in Fort Bend County, signing a long-term lease with Burlington Coat Factory within days of the previous tenant closing its doors.
Burlington Coat Factory will replace Best Buy in the two-million-sf mixed-use development, located at the crossroads of Interstate 69/US Hwy. 59 and FM 762 in Rosenberg. The grand opening is slated for fall.
“Burlington Coat Factory has wanted to be in this project for many years, but we’ve not had a space that would work until now,” says Bob Conwell, senior vice president of Houston-based NewQuest Properties. “Burlington was the first call we made when we learned Best Buy was going to close.”
Conwell and Austen Baldridge, also a senior vice president with NewQuest, represented the landlord and developer of the 550-acre Brazos Town Center, a two-phase project ranked as one of the most visited centers in the entire state. Greg Stackhouse of New Regional Planning is Burlington’s tenant representative in Greater Houston.
“The power of this center and the tremendous lineup made this opportunity one that Burlington couldn’t pass up,” Stackhouse says.
Burlington is one of four off-price national chains that has outperformed peers for two consecutive years, according to Placer.ai. The new store will be situated between Home Depot and Office Max, just a few doors down from Ross Dress for Less, another major player in the discount category.
“Tenants like Burlington are doing extremely well in today’s economy,” Conwell stresses. “Its corporate leaders know who their customer is and Richmond-Rosenberg is definitely home to that customer base.”
Brazos Town Center’s two million sf of built retail, restaurant and entertainment space is at least 98% leased, primarily to leading national brands. The class A destination development, also sporting a residential component, boasts a loyal customer base, with an estimated 64% visiting the project at least 30 times in the past year for a 20% uptick in visitor growth, according to Placer.ai.
NewQuest’s interstate-fronting development is situated at the epicenter of a rapidly expanding corridor in southeast Houston. The five-mile trade area is home to 307,000 residents with an average household income of $116,150 per year. Nearly 94,000 vehicles pass the massive project each day, a percentage of which are en route to Amazon’s nearby 850,000-sf fulfillment center.
The NewQuest-Burlington negotiations for the anchor space went full circle in less than three months. Build-out will start in the coming weeks.
“Everyone jumped in to get the deal done as quickly as possible,” Conwell says. “We had strong interest from a number of retailers, but we focused on Burlington from the beginning. We recognized it’s a great fit for the space.”
SOUTH TEXAS LEASES
Blair Realty Group has leased 2,182 sf of office space in Fairfield Marketplace, located at the intersection of TX 290 and Mason Road, Cypress, from NewQuest Properties. Bob Conwell of NewQuest Properties represented the landlord. Cody Blair of Blair Realty Group represented the tenant.
Charleys Cheesesteaks & Wings has leased 1,640 sf of retail space in Spring Town Center, located at the intersection of FM 2920 and Kuykendahl Road, Spring, from NewQuest Properties. Lara Lee LaMendola and Andrew Alvis of NewQuest Properties represented the landlord. John Frazier of Baker Katz represented the tenant.
SOUTH TEXAS SALE
The David G. Sutherland and Judy Kay Darinton Revocable Trust has sold 2.36 acres at 180 Pecan Dr., Magnolia, to TKRE Magnolia LLC. Rob Whitaker and Joe Burke of NewQuest Properties represented the seller. J.J. McDermott, formerly with NewQuest Properties, represented the buyer.