Aliana Submarket’s Dynamic Growth Reels In New Investor, Olive Garden Ground Lease
January 27, 2023
RICHMOND, Texas – NewQuest Properties has arranged the purchase of Commons at Harvest Green Phase II for a new investor in the Aliana submarket of central Fort Bend County, where its brokers also inked a ground lease with Olive Garden for a prized spot in its nearby development.
HG Venture LLC has acquired the 15,750-sf Commons at Harvest Green Phase II, a fully leased retail project on 1.65 acres at 11143 Harlem Rd. in Richmond’s high-growth Aliana corridor. The just-bought asset neighbors the 3,000-student William B. Travis High School and is situated directly across the Grand Parkway/TX 99 from NewQuest’s Grand at Aliana, a Target-anchored center and recently opened H-E-B grocery store.
“My client lives in the area and had been looking for a site in his backyard for quite awhile,” says Rick Ragan, senior associate with Houston-based NewQuest Properties. “When he saw this opportunity, he jumped at it immediately.”
The Commons at Harvest Green Phase II is an eight-tenant project finished in 2022 that quickly leased up. Just as the first month’s rents came due, HG Venture stepped in as the new owner.
“The buyer and seller walked away happy. Everything went as smoothly as it could possibly go at closing,” Ragan says.
The asset was sold by its developer, ARVO-III LLC. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller.
The Commons at Harvest Green Phase II, positioned on the west side of the Grand Parkway, is tucked into a one-million-sf retail corridor experiencing year-over-year stellar growth and powering development and investment at a record pace. Housing numbers have spiked 45% since 2020, with a five-mile trade area with 77,843 households, 5,083 future homes and a $109,000 average annual income.
“We expect to see the same high growth on the west side of the Grand Parkway as the east side,” Ragan says. “Everything is new in Aliana right now.”
NewQuest broke ground on the Grand at Aliana just three years ago. Today, it’s approaching 400,000 sf of built space hovering 98% occupancy, a bustling hub of national and regional retail brands.
In the latest signing, Olive Garden Holdings LLC has ground-leased one of the few remaining pad sites in the Grand at Aliana. Ground will break this month on a 1.63-acre tract visible to nearly 40,000 vehicles per day traveling the Grand Parkway.
NewQuest’s Josh Friedlander and David Meyers represented the landlord in the ground-lease negotiations. Olive Garden’s brokers were Brad Kilbride and Grant Walker of Lee & Associates.
“My buyer appreciated the knowledge that I had, being at NewQuest, about Aliana,” Ragan says, “and he saw the success of the Common at Harvest Green’s first phase and its full parking lot. That gave us guidance about the future performance of the second phase.”
SOUTH TEXAS SALES
Emmanor Capital 1 LLC has acquired the 17,729-sf Cypress Lakes Crossing on 2.27 acres at 14102 -14106 Mueschke Rd., Cypress, from Arbed Mueschke LP. Nick Ramsey and Kevin Sims of NewQuest Properties represented the seller. Josh Sebesta of S&P Interests LLC represented the buyer.
Baba Investments Dairy Ashford LLC has acquired the 6,686-sf Dairy Ashford Shopping center on 0.49 acres at 865 Dairy Ashford Rd., Houston, from Kimberley Street Inc. Dakota Workman, David Luther and Thomas Turner of NewQuest Properties represented the seller in the direct deal.
SOUTH TEXAS LEASES
Affordable Dentures & Implants has leased 4,050 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 Kevin sims of NewQuest Properties represented the landlord. Bill Wong of Orange Commercial LLC represented the tenant.
Aspen Dental has leased 3,500 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. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord. Culver Stedman of Gulf Coast Commercial and Jamie Weaver of Arena Realty represented the tenant.