NewQuest Properties, Dutch Bros Close Deal For Last Pad Site in Fort Bend Town Center I
February 18, 2022
HOUSTON – NewQuest Properties has sold its last pad site in Fort Bend Town Center I to Oregon-based Dutch Bros as it strategically pushes to expand throughout Greater Houston.
Ground will break within 30 days on a 1.23-acre pad site fronting TX 6 in NewQuest’s 98%-leased, Kroger Signature-anchored center in Missouri City. A grand opening is anticipated in the second quarter.
“We were selectively seeking the right user for this pad site. Dutch Bros is a missing category in the project,” says Kevin Sims, senior associate in the Houston-based brokerage firm and the seller’s broker.
Dutch Bros will be constructing its prototype design – an 863-sf kiosk with two drive-through lanes. Fort Bend Town Center is the second NewQuest project in three months to win the specialty beverage maker’s nod. Greg Slusky and Whitney Fisher of Sluco Realty represented the buyer.
“We have at least four more deals working with Dutch Bros for sites in our projects,” Sims says. “Each center stands on its own merit.”
Dutch Bros is searching for locations in Texas and Oklahoma. Pronounced “bros” and not brothers, the specialty beverage chain has more than 470 corporate-owned locations in 11 states.
NewQuest’s 27-acre Fort Bend Town Center I contains 180,000 sf, of which 102,000 sf is a Kroger Signature store anchor. A second phase, totaling 300,000 sf, is under construction, advancing the developer’s plan to create a regional destination on the three corners that it controls at the intersecting point of TX 6 and Fort Bend Parkway.
“There is a strong desire for retail/restaurant users to be in this trade area because of its high growth,” Sims says. “It’s a regional intersection surrounded by several upscale communities.”
Fort Bend Town Center’s trade area boasts five of the top 10 master-planned communities in Greater Houston. Its namesake county is ranked second in Texas for purchasing power and fifth in the U.S. The average household income is $120,634 per year within a five-mile radius.
Missouri City is widely recognized as one of the highest-growth residential corridors in the state, with more than 45,000 existing homes within its bounds and at least 7,600 more in various stages of construction. Underwriting the growth is the city’s proximity to the world-class Texas Medical Center, Amazon’s under-construction one million-sf fulfillment center and the planned expansion of Fort Bend Parkway across the Brazos River, which ultimately will open up an additional 50,000 acres for residential and commercial development.
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