KATY, Texas – NewQuest Properties’ Shops at Katy Reserve has won Memorial Hermann Health System’s nod to be the newest primary care services’ location in the healthcare giant’s network.
The Houston-based healthcare provider has leased an 8,945-sf freestanding building on the last available pad site fronting Spring Green Boulevard in the NewQuest development, home to nearly 1.72 million sf of class A retail space in west Katy. The permitting process is underway, with an anticipated opening penciled for late summer or early fall.
“Memorial Hermann is going to be a great addition to the Shops at Katy Reserve. It’s a strong brand that generates activity wherever it goes,” says Lara Lee LaMendola, one of NewQuest’s broker associates. She and Kevin Sims, vice president, represented the landlord.
NewQuest and Memorial Hermann have been locked in negotiations since last spring for the vacant structure, which is strategically positioned on 1.07 acres at one of the project’s multiple entrances. Matt Parsons of JLL represented the healthcare provider.
“Memorial Hermann’s primary care services certainly will add to the daytime activity,” LaMendola says, “and will pair well with our existing tenants by creating a one-stop experience for basic needs, dining and shopping.”
NewQuest’s Shops at Katy Reserve is situated at the bull’s eye of one of the strongest growth markets in Fort Bend County – the intersection of FM 1463 and Spring Green Boulevard, just south of Katy Freeway. Sixty-three percent of the customers live within five miles of the 39.4-acre, two-phase development, which is anchored by a 123,000-sf Kroger Marketplace.
From a growth perspective, the population has spiked 22% in two years. The five-mile trade area presently boasts 226,000 residents, an average household income of $140,000 per year and nearly 20,000 future homes on the drawing boards.
“It’s a strong location. All tenants do really well here,” LaMendola says, “and will continue to do so well into the future given the area’s growth projections.”
NORTH TEXAS LEASE
85C° Bakery & Café has leased 3,555 sf of retail space in Asia Time Square, 2625 W. Pioneer Parkway, Grand Prairie, from LGSQ Capital Investment. John Nguyen of NewQuest Properties represented the tenant. Matthew Loh of Aqua Management LLC represented the landlord.
CENTRAL TEXAS LEASE
Lovesac has leased 1,400 sf of retail space in Cottonwood Creek Market, located at the intersection of Interstate 35 S and West Loop 340/TX 6, Waco, from NewQuest Properties. Austen Baldridge of NewQuest Properties represented the landlord. Paul Makens of Makens Consulting represented the tenant.
SOUTH TEXAS LEASES
Shoe Palace has leased 6,900 sf of retail space in Brazos Town Center, located at the intersection of Interstate 69/US Hwy. 59 and FM 762, Rosenberg, from NewQuest Properties.Austen Baldridge and Bob Conwell of NewQuest Properties represented the landlord. Matt Reed of Shop Cos. represented the tenant.
Kyuramen & Tbaar has leased 3,959 sf of retail space in Metropark Square, 8888 Metropark Dr., Shenandoah, from Metropark Square Ltd. Rebecca Le of NewQuest Properties represented the landlord. John Nguyen of NewQuest Properties represented the tenant.
Crawfish Café has leased 3,500 sf of retail space in Barker’s Crossing, located at the intersection of Barker Cypress Road and US Hwy. 290, Houston. John Nguyen of NewQuest Properties represented the tenant. Lauren Shepperd of Williamsburg Enterprises represented the landlord.
Aburi has leased 3,348 sf of retail space in Summit Plaza, 3800 Southwest Freeway, Houston, from Southwest Freeway Retail Center Ltd. John Nguyen of NewQuest Properties represented the tenant. David Ferguson of BPI Realty Services Inc. represented the landlord.
Irish Nails & Spa has leased 3,150 sf of retail space in Shoppes at Magnolia Circle, 7424 FM 1488 Rd., Magnolia, from NewQuest Properties. Lara Lee LaMendola and Andrew Alvis of NewQuest Properties represented the landlord. Rebecca Le of NewQuest Properties represented the tenant.
Journey’s has leased 2,500 sf of retail space in The Grand at Aliana, located at the intersection of West Grand Parkway S/TX 99 and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest Properties represented the landlord. Jonathan Probst of the Retail Connection represented the tenant.
SOUTH TEXAS SALES
Iglesia Filadelfia De Apostoles Y Profetas has acquired a 37,500-sf building on 7.34 acres at 6000 Heatherbrook Dr., Houston, from the Texas Annual Conference of the United Methodist Church Inc. Jeff Lokey and Glenn Dickerson of NewQuest Properties represented the seller. Chris Bergmann of JLL represented the buyer.
Biodec LLC has acquired the Market at Alder Trails, a 17,604-sf retail center on 3.65 acres 11403 Barker Cypress Rd., Cypress, from Happyone Investments LLC. Dakota Workman and Kelley Workman of NewQuest Properties represented the seller. Abe MacNeil of St. Croix Capital represented the buyer.