Off-Market Offer Wins Fully Leased, Class A Retail Project
September 7, 2022
HOUSTON – In an off-market transaction, a group of Texas-based limited liability companies has snagged Friendswood Center in Galveston County, getting a fully leased class A project shadow-anchored by an H-E-B grocery store.
The three-tenant retail center at 1720 S. Friendswood Dr. was completed in 2021. The 10,110-sf project is situated on a 1.14-acre pad site adjacent to H-E-B’s 107,000-sf shopping center.
Friendswood Center was developed by real estate veterans Marc Peeler of NewQuest Properties, Jack Burgher of BCS Capital, Josh Crescenzi of CTC Contractors and fellow Houstonian Andy Vickery. The NewQuest vice president represented the partnership in the sale, which closed within 60 days.
“The location, demographics and surrounding retailers are outstanding,” Peeler says. “That was the appeal for us, as the developer, as well as the buyer. The offer came at the right time for us to sell.”
The just-sold project is leased to Pet Supplies Plus, Total Men’s Primary Care and Tropical Smoothie Café. The long-term leases are Triple Net-structured.
“These are all fresh leases at market rates,” says Rick Ragan, a senior associate with locally based NewQuest Properties who represented the buyers.
Friendswood is a limited barrier-to-entry market situated midway between Galveston Bay and Houston. The center is flanked by national retail and restaurant brands. Within a three-mile radius, there are 70,000 residents with an average annual household income of $130,000.
“My clients toured the site and loved the location. They’d been waiting for several months for the right property to become available,” Ragan says. “It’s always fun to get a deal done when you have a motivated buyer and a willing seller.”
SOUTH TEXAS SALES
Accelerated Acquisitions LLC has acquired a 0.79-acre tract at the corner of Mesa Road and Beltway 8, Houston, from Landmark Industries Energy LLC. David Meyers and Bob Conwell of NewQuest Properties represented the seller. Greg Slusky of Sluco Realty Services represented the buyer.
SOUTH TEXAS LEASE
Boomer Jack’s has ground-leased a 1.75-acre (34,522 sf) pad site in Webster Town Center, located at the intersection of Interstate 45 and Texas Avenue, Webster, from NewQuest Properties. Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord. Kyle Anz of HGA Holdings LLC represented the tenant.