NewQuest Properties Gives Nod to Planet Fitness To Backfill Rare Vacancy in Spring Town Center
October 13, 2021
SPRING, Texas – NewQuest Properties has selected Planet Fitness to backfill a rare large vacancy in Spring Town Center, a historically well-leased 500,000-sf development in Houston’s northern tier.
A Planet Fitness franchisee has made a 10-year commitment for 25,550 sf, which has been vacant for about one year while NewQuest considered several backfill options for the former Gordmans store. The fitness facility is slated to open by mid-January.
“The NewQuest partners were really impressed with the Planet Fitness operator, who is one of the chain’s largest. It was a major decision for us because there is rarely a vacancy of this size available in Spring Town Center,” says Kevin Sims, an associate in the Houston-based brokerage firm. He and Andrew Alvis, a senior associate, lease the development.
NewQuest has regained 98% occupancy in the fully built-out project, which straddles nearly 60 acres on two corners at the junction of FM 2920 and Kuykendahl Road in Spring’s primary retail corridor. All that’s left to fill are two pad sites, each about one acre, and 2,800 sf of inline space.
“This was the largest vacancy we’d had in several years. As for Planet Fitness, it was a hole in the market for the chain’s area franchisee,” Sims explains.
Chris Pitts and Scott Gardner of Streetwise Retail Advisors represented the fitness center franchisee, who plans to ramp up membership presales in the near future. With the lease signed and permits in hand, tenant finish-out has begun.
Anchored by Walmart, a 12-screen Cinemark, Sprouts and Lowe’s, Spring Town Center services a five-mile trade area with more than 242,000 residents. The average annual income tops $118,000. Fueling past and present growth are The Woodlands and ExxonMobil’s campus, with a 10,000-employee workforce, as well as the Grand Parkway/TX 99.
“This is a mature trade area with lots of new growth since the Grand Parkway opened,” Sims says. “Spring Town Center is well-positioned to continue to be a NewQuest success story.”
For more information on Spring Town Center, Click here.
