NewQuest Properties has signed Daiso to backfill a prime vacancy in Stone Hill Town Center in northeast Austin, reclaiming the regional power center’s 99% occupancy with little down time between tenants.
The global retail chain, which is rapidly expanding in Texas, has snapped up 8,500 sf vacated in late January by Kirkland’s Home. Daiso is eyeing a Q4 opening in Stone Hill Town Center at TX 130 and 45 in Pflugerville, one of the fastest growing suburban cities in the capitol city’s northeastern sector.
“NewQuest began work on Stone Hill Town Center 15 years ago when Pflugerville was rural and just beginning to grow,” says Josh Friedlander, senior vice president for the Houston-based brokerage and development firm. “Now, it’s surrounded by 90,000 rooftops, including lifestyle residential communities, and it’s still growing.”
Stone Hill Town Center’s trade area exceeds 257,000 residents, an increase of 17.38% in three years. The average household income tops $133,000 per year.
“Our tenants’ sales have skyrocketed through the years. The high growth is attracting new concepts, like Daiso, when an opening occurs,” Friedlander explains.
Daiso was represented by Scott Espensen of Venture Commercial Real Estate in its bid to join a growing lineup of Asian concepts in Stone Hill Town Center. In addition to the existing brands, NewQuest also recently leased 5,000 sf to Gen Korean BBQ House, which took over Morelia Mexican Grille’s spot.
To date, NewQuest has developed nearly one million sf of retail space in the 134-acre development, which Placer.ai ranks as the 15th most visited power center in the state. All freeway-fronting pads are long gone while negotiations are underway for two remaining interior sites in the project.
Texas remains at the forefront of Japan-based Daiso’s footprint in the U.S., with more than 20 locations statewide and more sites in its sights. NewQuest’s Carrollton Town Center in Dallas/Fort Worth was the chain’s first store in the state. It’s since leased space in the developer’s Frisco Ranch in North Texas and Chandler Ranch near Phoenix.
“As we’ve experienced at our other centers, Daiso will be a great complementary tenant for existing customers and will bring in additional ones,” Friedlander says.
CENTRAL TEXAS LEASE
Daiso has leased 8,500 sf of retail space in Stone Hill Town Center, located at the intersection of TX 130 and TX 45, Pflugerville, from NewQuest Properties. Josh Friedlander of NewQuest Properties represented the landlord. Scott Espensen of Venture Commercial Real Estate represented the tenant.
SOUTH TEXAS LEASE
Triple Pepper Asian Fusion has leased 4,586 sf of retail space in Richmond Loop Plaza, 4720 Richmond Ave., Houston, from Richmond Loop Plaza Ltd. Josh Friedlander and Diandra Breen of NewQuest Properties represented the landlord. Bob Conwell and Austen Baldridge 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.
