CJ Development has completed the sale of a 16-acre land parcel in Grand Center at Long Meadow Farms in Fort Bend County to Camden Property Trust, which plans to develop a single-family rental community within the 58-acre mixed-use project.
The land sale is the culmination of a year-long effort by CJ Development to garner multiple approvals to develop a residential rental project within Grand Center, located at Grand Parkway/TX 99 and West Belfort Street in Richmond. Camden Long Meadow Farms will be one of the city’s first ground-up communities of its type.
“We had multiple offers for this site. In fact, we were still getting proposals up to and right after the closing,” says Ashley Strickland, vice president of Houston-based NewQuest Properties, who represents CJ Development in land sales and leasing.
Camden plans to develop 180 to 200 units, with a combination of detached homes and duplexes. Kenneth Danna of Dosch Marshall Real Estate represented the buyer in the land transaction.
“We’re excited to have the opportunity to provide the community of Richmond with quality housing at Camden Long Meadow Farms. Our goal is to build attractive and appealing homes with a high level of amenities,” says Todd Triggs, Camden’s vice president of real estate investments.
SFR housing, once a niche play, has rapidly grown in popularity in the post-pandemic world amid rising home prices. Its strong emergence and acceptance in development circles have created a new opportunity for Vassallo’s vision to incorporate a residential component into Grand Center’s build-out.
“Having the right buyer there was very important. The complexity of a mixed-use development like this truly requires a village,” says Johnny Vassallo, partner in CJ Development.
CJ Development and Vassallo’s Grand Center at Long Meadow Farms is marking its third year of construction. To date, the Houston-based developer has built a 46,000-sf professional office building and 8,500-sf retail center on five acres and sold 27 acres to various end users. Negotiations are currently underway with several buyers for the remaining acreage.
Camden has acquired the last large land reserve in the immediate area. The SFR project will sit between Grand Center’s office and retail components and a trio of master-planned single-family communities with nearly 4,000 homes.
“This is the largest land sale in our history. This transaction was a great way to get an awesome product in Grand Center and also mitigate our risk,” Vassallo says.
SOUTH TEXAS SALE
Camden Property Trust has acquired 16 acres in the Grand Center at Long Meadow Farms, located at the intersection of Grand Parkway/TX 99 and West Belfort Street, Richmond, from POG Kosmos LMC 2 LP (CJ Development). Ashley Strickland of NewQuest Properties represented the seller. Kenneth Danna of Dosch Marshall Real Estate represented the buyer.
SOUTH TEXAS LEASE
Fat Boys Pizza has leased 4,800 sf of retail space in The Grand at Aliana, located at the intersection of West Grand Parkway S and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest Properties represented the landlord. Thomas Nguyen and Brian Ashby of CBRE represented the tenant.
Crust Pizza has leased 2,925 sf of retail space in Marketplace at Ninety-Six, located at the intersection of League City Parkway and Hobbs Road, League City, from NewQuest Properties. Rebecca Le and Heather Nguyen of NewQuest Properties represented the landlord. Brett Strake, also with NewQuest Properties, represented the tenant.
Brazos Valley Cart Works has leased 2,085 sf of retail space in Westheimer Lakes, 26440 FM 1093, Richmond, from Prime Texan Westheimer US LP. Austen Baldridge and Bob Conwell of NewQuest Properties represented the landlord. Robert Young of Strategic Realty Advisors 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.
