NewQuest has selected Burlington Coat Factory to backfill one of the largest vacancies to occur in the 16-year history of the Shops at Stone Park on Houston’s east side.
Burlington will occupy 20,350 sf, formerly leased to Staples, one of the original tenants in the 250,000-sf regional power center. That first roster, still largely intact, includes JCPenney, Best Buy, Marshalls, Rack Room Shoes and Chick Fil-A , all marking their 16th year in the development at Beltway 8 and Wallisville Road.
“There was strong interest in this vacancy because of the prime location and robust co-tenancy mix,” says Nina Irwin, senior leasing representative for Houston-based NewQuest. She represented the landlord, Ley-Lane Partnership No. 9 LP.
The Shops at Stone Park was developed in 2009 on a 23-acre tract with significant frontage on Beltway 8 and Wallisville Road. Occupancy was 91% at the center’s grand opening and today, it’s 99.4%.
‘Burlington’s decision to move in makes perfect sense, ensuring the continued vibrancy and strategic growth of the space,” Irwin says.
Talks with Burlington got underway shortly after Staples vacated the anchor space. Greg Stackhouse of New Regional Planning represented the New Jersey-based chain.
In recent months, there have been smaller spaces come on line – and they too were quickly filled. Opening soon will be Yummy Crab, which has leased 1,828 sf in the center. A local mom-and-pop salon operator, Amazing Suites, has just opened in 1,948 sf.
Fueled by proximity to Channelview and the Port of Houston, the Shops at Stone Park’s neighborhood features affordable master-planned communities boasting more than 55,000 homes. The five-mile trade area has a population of 182,000 with a median income of nearly $63,000 per year.
“The Shops at Stone Park has just one vacancy of 1,515 square feet. If the project’s leasing history is any indicator, it won’t be empty long,” Irwin says.
South Texas Leases
Burlington Coat Factory has leased 20,350 sf of retail space in the Shops at Stone Park, located at the intersection of Beltway 8 and Wallisville Road, Houston, from Ley-Lane Partnership No. 9 LP. Nina Irwin of NewQuest represented the landlord. Greg Stackhouse of New Regional Planning represented the tenant.
Starbucks has leased 2,258 sf of retail space in the Grand at 249, located at the intersection of TX 249/Tomball Highway and TX 99/Grand Parkway, Tomball, from NewQuest. Andrew Alvis of NewQuest represented the landlord. Laster Miller and Ryan Chandler of the Retail Connection represented the tenant.
Marco’s has leased 1,397 sf of retail space in Cleveland Shopping Center, 429 W. Southline St., Cleveland, from F6 Properties Ltd. Kevin Sims and Nick Ramsey of NewQuest represented the landlord. Cyrus Chen of CYC Commercial LLC represented the tenant.
NewQuest, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development of retail and mixed-use shopping centers, asset management and brokerage services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 100 retail and mixed-use projects exceeding $3 billion in value and 12 million square feet of commercial space in Texas, Louisiana, Arizona, Georgia and throughout the U.S.
