NewQuest Acquires 4 New Properties
December 1, 2011
NewQuest Properties announces the recent acquisition of four properties located in Texas.
- NewQuest purchased Friendswood Crossing – a 65,381 square foot retail center anchored by 24 Hour Fitness. It is located at the northwest corner of FM 518 & FM 528 in Friendswood.
- NewQuest also acquired the Cinemark Theater located on the northeast corner of I-45 and Texas Avenue in Webster Town Center. This 83,862 square foot development is already owned by NewQuest and the purchase of the Cinemark Theater completes the center
- NewQuest purchased another Cinemark Theater located on CR 94 near SH 288 adjacent to the Silverlake Village Shopping Center in Pearland.
- Saratoga Town Center – 150,000+ square foot retail development in Corpus Christi was purchased as well by NewQuest. The center is located at the northeast corner of Saratoga Blvd and Staples Street.
These four purchases, which all closed this month, represent almost 300,000 square feet of space added to more than 6 million square feet already owned by NewQuest. NewQuest leases more than 12 million square feet of retail space which includes 75 third party centers.
Commenting on the acquisitions, Steven D. Alvis, Managing Partner for NewQuest, said, “We are extremely pleased with the purchase of these four properties. The acquisitions are testament to the fact that NewQuest is willing and able to purchase sound investments when an opportunity presents itself.
With NewQuest-owned assets in excess of $1.1 billion, NewQuest is one of the premier commercial real estate firms in Texas.