NewQuest Properties has sold Cy-Fair Town Center to a local retail investor, one of 11 offers placed during a fast-paced bidding war for the prized class A project in northwest Houston.
The fully leased project, totaling 9,100 sf, is surrounded by NewQuest-developed retail. The just-sold four-tenant building at 13621 Skinner Rd. in Cypress is shadow-anchored by an 80,951-sf Kroger and fully leased small shops.
“There were at least five offers placed within 48 hours of the listing coming out. We had an immediate response from coast to coast,” says Dakota Workman, vice president of Houston-based NewQuest’s investment sales division.
The winner of the bidding frenzy was Cy-Fair Center LLC, which owns 30 properties in Greater Houston. The sale was finalized within 60 days through direct negotiations with the NewQuest marketing team of Marc Peeler, Rick Ragan, Thomas Turner, Davis Sheffield and Workman.
“In a high interest-rate environment, we really needed to do our due diligence on the buyer’s profile,” says Marc Peeler, senior vice president in investment sales. “The buyer was the most qualified of the 11 offers in terms of timing and the ability to close.”
Cy-Fair Town Center was developed in 2015 on a 0.84-acre tract, which NewQuest had retained following the sale of the surrounding retail about 15 years ago. Tenants are Pamper Nail Resort, an original lessee, Mr. Pho, Glo Sun Spa and American Family Care.
The one-mile trade area has experienced a 72% uptick in population in the past three years, with its 11,269 residents representing just a fraction of the more than 205,000 who live within five miles of the property. The average annual household income tops $160,000.
Cy-Fair Town Center is situated at the hard corner of Spring Cypress and Skinner roads, which has a combined traffic count of nearly 28,000 vehicles per day. Northwest Freeway is close by as are three Cy-Fair Independent School District campuses.
“Due to the local demographics and growth, we were pretty confident this center was going to sell quickly,” Peeler says.
SOUTH TEXAS SALES
Sanor Properties LLC has acquired 189.635 acres at 20473 FM 787 W, Cleveland, from Black Dog Land and Cattle LLC. Marc Peeler of NewQuest Properties represented the seller. Anastacio Sanchez of SIS Group LLC represented the buyer.
Cy-Fair Center LLC has acquired a 9,100-sf retail building on 0.84 acres at 13621 Skinner Rd., Cypress, from NewQuest Properties. Marc Peeler, Dakota Workman, Rick Ragan, Thomas Turner, Davis Sheffield of NewQuest Properties represented the seller in the direct deal.
Y&K Real Estate has acquired 3.38acres at 3430 Rogerdale Rd., Houston, from Foresteen Miller Core 2012 Trust. Dakota Workman of NewQuest Properties represented the buyer. Alex Makris and Hunter Stockard of Partners Real Estate represented the seller.
Shaukat Sunesara has acquired 2.9 acres at 7710 TX 146, Baytown, from Genoa Way Mobile Home Park LLC. Brad LyBrand and Neal Thomson of NewQuest Properties represented the seller. Daniel Henn of Zann Commercial represented the buyer.
Shan Ali Investment LLC has acquired 2.056 acres at the intersection of FM 529 and Hillsdale Creek Dr., Houston, from HSC FM 529 LP. Brad LyBrand and Glenn Dickerson of NewQuest Properties represented the seller. Mayur Shah of Haus Houston represented the buyer.
SOUTH TEXAS LEASE
Nothing Bundt Cakes has leased 2,263 sf of retail space in Carpenter’s Landing, located at the intersection of Wallisville Road and Carpenters Landing Way, Houston, from NewQuest Properties. Nina Irwin of NewQuest Properties represented the landlord.Mark Stanislawski of Retail Strategy Real Estate Group represented the tenant.
NORTH TEXAS LEASE
Brightmore Brands LLC has leased 10,556 sf of industrial space in GSW Distribution Center 40, 805 W. Carrier Parkway, Grand Prairie, from Carrier XC Industrial LLC. Austen Baldridge and Bob Conwell of NewQuest Properties represented the tenant. Corby Hodgkiss and Harrison Putt of the Mercer Co. represented the landlord.
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.