A new franchisee of Colorado-based Teriyaki Madness has selected NewQuest Properties‘ Shops at Rock Creek for the first of three locations in northwest Houston.
Teriyaki Madness will open in the fourth quarter in NewQuest’s H-E-B-anchored development, located at the intersection of Spring Cypress and Grant roads in Cypress. Max and Linda Richey, who live in northwest Houston, have leased 1,400 sf of inline space to launch their new franchise agreement with the chain, which has more than 150 locations in 34 states plus Canada and Mexico.
Key to the new location is the limited number of Asian restaurants in Cypress.Teriyaki Madness, a fast-casual concept, will be thesecond Japanese-cuisineestablishment in the area, with its only competitor – a steakhouse geared toward fine dining – in a neighboring center.
“We looked at the competition and noticed there weren’t many Asian options in the submarket. That was a consideration we took to heart,” says Brett Strake, vice president with NewQuest Properties and the tenant representative for the Teriyaki Madness franchisee.
A top-performing H-E-B grocery store anchors Shops at Rock Creek, where lease-up may be right around the corner for NewQuest’s 21,390 sf of inline space. A similarly sized retail center right across the street has only one pad site available.
“We’re presently in talks for two of the three remaining spaces. The Shops at Rock Creek will soon be fully leased,” says Lara Lee LaMendola, one of NewQuest’s broker associates. She and Andrew Alvis, vice president and development partner, lease the development.
Teriyaki Madness will be sandwiched between Wink Optometry and Wingstop. The new eatery primarily will be take-out, with limited dine-in seating.
“After this site is up and running for a few months, we’ll start to look for the other two locations,” Strake says.
Site criteria include grocery-anchored neighborhood centers in high-density areas favored by growing families with disposable incomes and proximity to schools like the 1,070-student elementary that’s adjacent to the Shops at Rock Creek. The three-mile trade area boasts a population of 94,331. The average household income is nearly $135,00 per year.
“This part of Cypress is an area with proven restaurant sales. It’s a high-growth corridor that’s convenient to neighborhoods and customers,” Strake says.
The franchise-focused chain specializes in made-to-order Japanese-style teriyaki bowls made with high-quality fresh ingredients. The cuisine is rooted in the 19-year-old brand’s beginnings in Seattle, featuring a regional sauce infused with ginger and garlic along with the Asian mainstays of soy, sugar and rice wine.
SOUTH TEXAS LEASES
Ulta Salon, Cosmetics & Fragrance has leased 10,000 sf of retail space in Fort Bend Town Center II, located at the intersection of TX 6 and Fort Bend Tollway, Missouri City, from NewQuest Properties. Andrew Alvis and Bob Conwell of NewQuest Properties represented the landlord. Shireen Owlia of NewQuest Properties represented the tenant.
Teriyaki Madness has leased 1,400 sf of retail space in Shops at Rock Creek, located at the intersection of Spring Cypress and Grant roads, Cypress, from NewQuest Properties. Lara Lee LaMendola and Andrew Alvis of NewQuest Properties represented the landlord. Brett Strake of NewQuest Properties represented the tenant.
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 100 retail and mixed-use projects exceeding $2.3 billion in value and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana, Arizona, Georgia and throughout the U.S.
