NewQuest Lands Tenants for $90M Texas Retail Project

The site of The Grand at 249 development was one of the first land acquisitions made by NewQuest. Image courtesy of NewQuest Properties

NewQuest Properties has preleased 96 percent of The Grand at 249, a 404,256-square-foot retail development in Tomball, Texas. Andrew Alvis, senior vice president & development partner of the development and brokerage firm, along with Leasing Director David Meyers, are negotiating or have already signed leases totaling 388,856 square feet.

Boomer Jack’s and Gringo’s were the first to sign ground leases, followed by other tenants such as AT&T, Jersey Mike’s, Milano Nails and Two Pho Nine Asian Fusion. Other negotiations with potential anchor tenants and several well-known brands are still underway.

At full buildout, the $90 million project is set to create the largest concentration of retail in the submarket. NewQuest Properties purchased the 65-acre site in the 1990s, but only broke ground on the regional project in 2016. The Grand at 249 development marks one of the first land acquisitions made by NewQuest.

Set to encompass 16 buildings, the project will also include 12 pad sites ranging from one to two acres, all expected to be delivered by the end of this month. NewQuest also plans to develop two multi-tenant buildings totaling almost 25,000 square feet.

The booming 249 corridor

The Grand at 249 is at the northwest and southwest corners of Highway 249 and the Grand Parkway in Harris County, some 30 miles northwest of Houston. According to NewQuest, the retail center will serve approximately 27,000 households within a 3-mile radius, with an average income of $141,000 per year.

The opening of the Grand Parkway in 2016 accelerated development in the Tomball area, with multiple construction projects—including residential, retail, industrial and health care—breaking ground. Several master-planned communities and a 240-acre industrial development are currently underway.

With increased development along the northern corridor of the Grand Parkway, Tomball’s population increased by 19 percent over the past three years. Almost 22,000 new homes are anticipated to be added to the area’s stock.