NewQuest Properties Sells Six Acres to Hotelier For Two Projects at Cottonwood Creek in Waco
October 27, 2022
WACO, Texas – NewQuest Properties is entering into a new development phase at the 143-acre Cottonwood Creek Market in McLennan County, selling six acres in the master-planned mixed-use project along Interstate 35 to a Dallas-based hotel developer.
Two extended stay hotels will be built on 4.5 acres directly behind the 14-screen Cinemark, with the 1.5-acre balance earmarked for future development. The groundbreaking dates have yet to be determined.
“The significance of this transaction is it brings another mixed-use element to our project,” says Austen Baldridge, senior vice president of Houston-based NewQuest Properties.
Strategically positioned in Waco, Cottonwood Creek Market is the largest entertainment and dining district along Interstate 35 S between north Austin and south Fort Worth. Topgolf, Main Event and Cinemark are the headline acts for an upscale destination development with a trade area of nearly 700,000 residents fueled by Baylor University’s nearby 1,000-acre campus.
“We had a lot of interest in the six acres from the hospitality sector. It’s an appealing location for hotels, traditional and extended stay alike, because of the built-in amenities of entertainment, restaurants and retail,” Baldridge says.
Meanwhile, NewQuest’s latest speculative construction – three retail buildings totaling 26,500 sf – will deliver within 30 days. The newest to sign is Cotton Patch Café, which has preleased a 4,500-sf end cap. Tyler Grisham and Steve Ewing of Edge Realty Partners represented the restaurateur.
Baldridge also has bagged two more ground leases for Cottonwood Creek’s I-35 frontage. Whataburger is awaiting permits for a 1.29-acre site while Black Rifle Coffee has broken ground on a 1.16-acre pad.
Charlie Northington of Endeavor Real Estate Group represented Whataburger in its ground lease. Jennifer Frank of Segovia Partners served as Black Rifle Coffee’s tenant representative.
Cottonwood Creek Market’s build-out calls for 285,00 sf of retail, dining and entertainment, at least two hotels and up to 850 units of build-to-rent and multifamily dwellings. Roughly 130,000 vehicles per day pass the NewQuest development, which is bordered by I-35 and West Loop 340/TX 6.
“Our vision is to create a true mixed-use development,” Baldridge emphasizes, “and we’re one step closer with the upcoming addition of several hundred hotel rooms.”
SOUTH TEXAS LEASES
Crumbl Cookies has leased 2,045 sf of retail space in Chambers Town Center, located at the intersection of Interstate 10 and TX 146, Baytown, from NewQuest Properties. Austen Baldridge and Bob Conwell of NewQuest Properties represented the landlord. Chantel Martinez of KW Commercial represented the tenant.
Aqua Dental has leased 1,958 sf of retail space in Shops at Stone Park, located at the intersection of Beltway 8 and Wallisville Road, Houston, from Ley-Lane Partnership No. 9 LP. Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord. Jim Reed of John A Gross represented the tenant.
SOUTH TEXAS SALE
A Texas family has acquired a 0.97-acre Dutch Bros ground lease at 9778 TX 242, Conroe, from CLS Harper’s Preserve LLC. Rick Ragan and Marc Peeler of NewQuest Properties represented the buyer. Main Street Capital Partners represented the seller.
