NewQuest Properties is on the cusp of 100% occupancy at Fairfield Marketplace in northwest Harris County, ground-leasing its last pad site to Jason's Deli.
The 4,600-sf restaurant will occupy a 1.04-acre tract in the NewQuest development, located at the US Hwy. 290-Mason Road junction in Cypress. Delivery is anticipated in early spring.
"Jason's Deli is a great family restaurant that pulls strongly for daytime as well as nighttime traffic," says Bob Conwell, senior vice president with the Houston-based development and brokerage firm.
As work on Jason's Deli gets underway, construction is wrapping up on a 7,954-sf Olive Garden. The restaurant is expected to open by year's end.
Fairfield Marketplace is a 21+-acre neighborhood center with 202,824 sf of retail, restaurant and medical tenants. The anchor is a 123,000-sf Kroger Marketplace. As the development marks its fourth year, the only available space is a 4,859-sf second-floor office overlooking a private lake.
"The office component helps the restaurants here because it provides daytime traffic," Conwell says. "Our plan for projects like Fairfield Marketplace is that they'll be synergistic."
Conwell partners with J.J. McDermott, one of NewQuest's senior associates, to lease Fairfield Marketplace. Jason's Deli was represented by Brad Sondock of Retail Properties Group and Raymond Begnaud, director of facilities, development and design for the Texas-based chain.
Conwell notes interest in the last pad site was particularly strong. Contributing to the draw is Fairfield Marketplace's location, which is less than two miles east of the Grand Parkway/TX 99, and stellar demographics.
"The Grand Parkway has really opened up this market. Homebuilders are having a field day," Conwell explains.
Fairfield Marketplace is directly across the freeway from the proposed Dunham Pointe, a 1,327-acre master-planned residential development platted for up to 3,000 homes. Another 5,800 homes are in the works for land just north of NewQuest's project.
To keep pace with the Cy-Fair submarket's rapid expansion, US Hwy. 290, also known as Northwest Freeway, is being widened. There are nearly 90,000 vehicles per day on the artery, which offers the quickest route to downtown Houston.
As it stands, the submarket excels on several fronts. The Cy-Fair Independent School District is ranked as one of the best in Texas. The average household income is $119,000 within the three-mile trade area of Fairfield Marketplace. And, the population has skyrocketed 112% in the past nine years.
"There is no available land to expand Fairfield Marketplace," Conwell says. "Four years ago, NewQuest set out to fill a void in the marketplace and we succeeded."
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
