Culminating two years of negotiations, NewQuest Properties has sold a 20-acre tract to Costco Wholesale Corp. in the Grand at Aliana in Richmond, jumpstarting immediate construction on a third development phase with the world’s third largest retailer as the anchor.
Costco, now under construction on its 154,648-sf store, is planning a summer opening of its third membership warehouse in Fort Bend County. The project is kicking off NewQuest’s 250,000-sf expansion of the Grand at Aliana, a 400,000-sf mixed-use development with nearly one mile of frontage on the Grand Parkway/TX 99.
“Costco joining the Grand at Aliana validates the strength of the market and rounds out our traffic-generating anchors to further protect the long-term value of the overall project for future and existing occupants,” says Austin Alvis, president of the Houston-based brokerage and development firm.
NewQuest has been methodically developing the 80-acre Grand at Aliana since 2018. The regional development’s next phase will include multifamily units, medical facilities, freestanding restaurants and 20,000 sf of additional restaurant and retail space.
“Phase III is the final commercial development piece of the Aliana community,” Alvis says. “We are thankful to have been able to work with the master-planned community developer, Airia, to bring additional essential retail and services to Aliana.”
The Issaquah, Wash.-based chain has warehouses in Katy and Sugar Land, which are six and 10 miles, respectively, from the Grand at Aliana. To put it into perspective, Costco has 38 locations in Texas and 870 worldwide, of which there are only two in France and one each in Iceland, New Zealand and Sweden.
Costco’s development site is located at the intersection of West Airport Drive and the Grand Parkway, the primary access point connecting several master-planned communities to the commercial corridor and freeways. The warehouse will neighbor NewQuest’s proposed multifamily development, separated only by an interior road in the Grand at Aliana.
The Grand at Aliana’s immediate trade area boasts a population of roughly 153,000 and growing as is the housing inventory, which will soon be up to 80,000 homes. The back story of the retail corridor’s strength lies in the consistent residential growth and the residents’ income levels, which average $146,000 per year within a one-mile radius of NewQuest’s class A regionaldevelopment.
SOUTH TEXAS SALE
QSR Real Estate Holdings LLC has acquired 1.068 acres in Brazos Town Center Phase II, located at the intersection of Interstate 69/US Hwy. 59 and FM 762 in Rosenberg, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the seller. David Meyers of NewQuest Properties represented the buyer.
SOUTH TEXAS LEASES
Onyx Nail Bar has leased 4,733 sf of retail space in Brazos Town Center Phase I, located at the intersection of Interstate 69/US Hwy. 59 and FM 762 in Rosenberg, from NewQuest Properties. Nina Irwin of NewQuest Properties represented the landlord. Tan Le of B&W Realty Group represented the tenant.
Romails Studio has leased 1,750 sf of retail space in the Grand at Aliana, located at the intersection of W. Grand Parkway S/TX 99 and W. Airport Boulevard in Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest Properties represented the landlord. Almas Tejani of Walzel Properties represented the tenant.
