Bank of America is under construction in NewQuest Properties' Grand Morton Town Center as it forges ahead on plans to expand in the fastest-growing submarket of west Houston.
The 4,160-sf banking center, featuring two drive-through lanes, will deliver in May. Bank of America will be the third financial institution to plant a flag in Grand Morton Town Center, a 90-acre regional power center fronting the Grand Parkway/TX 99 in Katy.
"With more than 500,000 sf of tenants, Grand Morton's momentum benefits greatly by having three major banks on site for the convenience of customers," says Josh Friedlander, vice president of Houston-based NewQuest Properties. "Our next focus will be to add more quality full-service restaurants."
Bank of America is developing a 1.29-acre freeway-fronting pad site located south of Chase Bank on the project's southeastern side and directly across from Regions Bank on the northeastern corner. Elizabeth Clampitt and Ashley Shagets of JLL represented BoA in ground-lease talks.
"This is a regional power center that provides a strong mix of neighborhood services with multiple choices in each category," says Friedlander, who teams with Rebecca Le, a NewQuest senior vice president, to lease Grand Morton. "It's a sustainable strategy for meeting demand in an area fueled by continued high growth."
The NewQuest team also recently signed Smoothie King to 1,420 sf of inline space and Goodwill Industries Inc. to 1,700 sf for a drop station. Talks are underway with a Mexican restaurant and national ice cream shop.
NewQuest has six pad sites remaining in the town center – four fronting Grand Parkway; one along Morton Ranch Road; and one on the project's interior.
"We had good momentum last year and it's carrying forward this year," Friedlander says.
NewQuest brought nearly 100,000 sf of class A space online in 2020. Joining the retail lineup were junior anchors Petco, Michaels and HomeGoods. The Kelsey-Seybold Morton Ranch Clinic, a two-story, 36,500-sf medical office project, also was completed last year.
"Despite COVID, NewQuest has had good activity on the few remaining inline spaces and pad sites," Friedlander says. "And, we have the ability to build more."
SOUTH TEXAS LEASES
Bank of America has ground-leased a 1.29-acre pad site in Grand Morton Town Center, located at the intersection of Grand Parkway/TX 99 and Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. Elizabeth Clampitt and Ashley Shagets of JLL represented the tenant.
Humana Marketpoint Inc. has leased 5,362 sf of retail space in Shops at Spring Town Center, located at the intersection of FM 2920 and Kuykendahl Road, Spring, from NewQuest Properties. Andrew Alvis and Kevin Sims of NewQuest Properties represented the landlord. Bill Wong of Orange Commercial and Yvette Berry of Cushman & Wakefield Inc. represented the tenant.
Akashi Asian Bistro & Sushi Bar has leased 5,250 sf of retail space in the Grand at Aliana, located at the intersection of West Grand Parkway and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest Properties represented the landlord. Greg Slusky of Sluco Realty Services LLC represented the tenant.
SOUTH TEXAS SALES
CHI Acquisitions LP has purchased 25.68 acres of raw land at 21615 Clover Crest Dr., Houston, from JP Morgan Chase Bank, trustee of Worthington Trust. Dave Ramsey of NewQuest Properties represented the seller in the direct deal.
Tanner Beltway Retail Partners Ltd. has purchased 2.12 acres at the intersection of Beltway 8 and Tanner Road, Houston, from Westwind Industries LP. Jeff Lokey and Randy Nerren of NewQuest Properties represented the seller. Sara Allen of Arena Realty represented the buyer.
Garza Management Corp. has purchased 0.8 acres at 8940 Spencer Highway, LaPorte, from KR Spencer & Canada LLC. Andrew Alvis of NewQuest Properties represented the seller. Brian Mallett of Cadre Realty Inc. represented the buyer.
CENTRAL TEXAS SALE
BF Pflugerville LLC, dba Billiard Factory, has purchased a 1.01-acre pad site in Stone Hill Town
Center, located at the intersection of TX 130 and 45, Pflugerville, from NewQuest Properties. Josh Friedlander and Kevin Sims of NewQuest Properties represented the seller. Randy Nerren of NewQuest Properties represented the buyer.
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.
