HOUSTON – NewQuest Properties has sold the Shops at Sedona Lakes in Brazoria County to a local investment group, the highest of nine potential buyers vying for a class A project just south of the internationally acclaimed Texas Medical Center.
The NewQuest-developed retail project, totaling 14,487 sf, is located at 1875 County Road 101 in Manvel, where master-planned communities are on the rise due to the small town’s easy access to Houston’s urban core. The Shops at Sedona Lakes’ occupancy was 91.54% at sale time.
“The sales traction for the Shops at Sedona Lakes was particularly strong because it’s a quality project in the path of growth,” says Dakota Workman, vice president of Houston-based NewQuest.
NewQuest’s investment sales division of Marc Peeler, Rick Ragan, Thomas Turner and Workman secured a buyer in less than 30 days of marketing. Pocketing the win was HousKor Steeplechase LLC, which was represented by Johnny Yun of HousKor Realty & Management LLC.
The Shops at Sedona Lakes is HousKor’s first investment in Manvel. The buyer is picking up the play with just one vacancy, 1,225 sf, and a tenant roster featuring APT Urgent Care, Specialty Smiles Dentist, Shipley Do-Nuts, K Star Salon & Spa, Bank of America and EasyVet Clinic.
NewQuest developed the center in 2020 on a 1.64-acre tract fronting Bailey Avenue at the access ramp to TX 288. The Shops at Sedona Lakes is visible to nearly 106,000 vehicles per day.
Manvel’s growth trajectory is tied to its location – 14 miles south of the Texas Medical Center and 23 miles from Houston’s CBD. The three-mile trade area for the Shops at Sedona Lakes has a population pushing nearly 63,000 residents with an average household income of $161,651 per year.
“It’s a town strategically located in the path of growth with an abundance of land for future development,” Workman says. “Residential developers cannot put lots on the ground fast enough to meet the demand.”
SOUTH TEXAS SALES
KISR Properties LLC has acquired a freestanding retail building on a 0.86-acre pad site, leased to Salad and Go, in Brazos Town Center Phase II, located at the intersection of Interstate 69/US Hwy. 59 and FM 762 in Rosenberg, from NewQuest Properties. Marc Peeler, Dakota Workman, Rick Ragan and Thomas Turner of NewQuest Properties represented the seller. Bill Pyle of Edge Capital Markets represented the buyer.
SOUTH TEXAS LEASE
SugaringNYC has leased 1,665 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. Pouya Tiraie of Weitzman Group represented the tenant.