Marking its second trade in two weeks, a NewQuest Properties’ land team has closed a 73-acre sale in the SH 249 corridor, where investors are jockeying for early positions along the path of the state’s newest toll road.
The just-sold acreage is situated in Plantersville, less than 1.5 miles from a future on-ramp of the Aggie Expressway. The $767 million four-lane toll road ultimately will connect College Station and Houston.
Joe Burke and Rob Whitaker, both vice presidents at NewQuest, represented the seller, Craig Phillips of Savannah, Tenn. The buyer is Tayler Hugh and Nikki Iwen Long Family Revocable Trust of nearby College Station, which had Jennifer Bryan of Zweiacker & Associates Real Estate as its broker.
“It’s a good speculative land play,” Burke says. “The buyer understands the momentum of development is real and inevitable in that corridor.”
The Grimes County site, located along Deepwoods Lane, hit the market about nine months ago, quickly piquing investors’ interest despite its limitations. “There is no public access, but there is a 1967 easement in place,” Burke explains. “The attraction is the Aggie Expressway.”
The NewQuest team recently sold 1,623 acres in nearby Montgomery to a residential developer. Infrastructure work is slated to begin this year.
“This is just the beginning,” Burke says. “The Aggie Expressway will ensure land sales will remain robust for years to come.”
SOUTH TEXAS SALE
Tayler Hugh and Nikki Iwen Long Family Revocable Trust has acquired 72.97 acres along Deepwoods Lane, Plantersville, from Craig Phillips of Savannah, TN. Rob Whitaker and Joe Burke of NewQuest Properties represented the seller. Jennifer Bryan of Zweiacker & Associates Real Estate represented the buyer.
SOUTH TEXAS LEASES
Sally’s Beauty Supply has leased 1,502 sf of retail space in Southmore Village, located at the intersection of Southmore Avenue and Shaver Street, Pasadena, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord. Haley Golden of Evergreen Realty represented the tenant.
Marco’s Pizza Store has leased 1,502 sf of retail space in Carpenter’s Landing, located at the intersection of Wallisville Road and Carpenters Landing Way, Houston, from NewQuest Properties. Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord. Karol Snyder of Moseley Commercial Real Estate represented the tenant.
No Yogurt has leased 1,218 sf of retail space in Shoppes at Grand Crossing, located at the junction of Interstate 10 and Grand Parkway/TX 99, Katy, from POG Kosmos 1099 LP. Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord. Heiu Tieu of Champions Real Estate Group 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.