The Seattle-based chain has signed a 0.58-acre (25,659 sf) ground lease for a brand-new pad site that NewQuest created from the only undeveloped land in Northchase Plaza, an 8.43-acre project at the intersection of FM 1960 W and Veterans Memorial Drive on Houston’s north side. The new Starbucks – 2,200 sf with one drive-through lane – tentatively is slated to open in the fall.
“It’s a really good win for the asset value,” says Kevin Sims, vice president of Houston-based NewQuest Properties, who teamed with colleague Nick Ramsey on the value-building strategy for the landlord.
The NewQuest team has invested nearly two years on the pad site’s development, pushing the plan long before word got out in the market that Starbucks was eyeing relocation from inline space in a nearby retail center.The international chain will be moving into a freestanding store with FM 1960 frontage, offering visibility to more than 50,000 vehicles per day.
“Starbucks clearly will be able to improve its position by relocating to Northchase Plaza,” Sims says. “Its addition will drive significant foot and vehicle traffic to the project.”
NewQuest has a 55,789-sf leasehold interest plus the half-acre pad site in the 139,643-sf Northchase Plaza, which is now fully leased to a lineup of predominately national brands. Ryan Chandler and Lasater Miller of the Retail Connection represented Starbucks in the ground-lease talks.
Locally based Denmar Commercial Construction is the general contractor for Starbucks’ build-to-suit. Ben Keillor, construction project manager for NewQuest, is overseeing the project.
SOUTH TEXAS LEASES
Five Below has leased 8,470 sf of retail space in Fort Bend Town Center Phase II, located at the intersection of TX 6 and Fort Bend Tollway, Missouri City, from NewQuest Properties. Bob Conwell and Andrew Alvis of NewQuest Properties represented the landlord. Shireen Owlia of NewQuest Properties and Jeff Hayes, formerly with NewQuest, represented the tenant.
Drip’d Donuts has leased 987 sf of retail space in the Shoppes at Grand Crossing, located at the intersection of Interstate 10 and Grand Parkway/TX 99, Katy, from Alle TX 1099 LLC. Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord. Troy Green of MOD Realty LLC represented the tenant.