HOUSTON—If you ask the Houston office of Stream Realty Partners, power centers – and retail in general – are thriving in the face of an uncertain oil market.

Stream's new Center at Pearland Parkway has seen “immense success,” says the company, since it delivered last fall, and is nearing the completion of a successful lease-up of the 165,000-square-foot center.

Earlier this week, two key tenants, Ross and Five Below, opened.

The center has several additional leases in the works that will bring the project to 97 percent occupied, and Stream is actively working on a second phase of the project.

Situated at the intersection of FM 518 and Pearland Parkway in Pearland, the property is “one of the first power centers to be born post-Great Recession,” and its success is predicated on its co-location with a dominant grocery store, in this case, HEB. 

“As traditional large anchor tenants such as Target and Kohl's have slowed growth in the last few years, junior anchors, such as Ross and TJ Maxx, have moved in the opposite direction,” Ralph Tullier, managing director, retail division, told GlobeSt.com. “This has created a situation whereby they are now looking to daily-needs grocery anchors to co-locate next to.”

Other tenants in the center include TJ Maxx, Palais Royal, Petco, Rue 21, Rack Room Shoes and Payless Shoes. In-line tenants, several of which are new to the area, include Chipotle, MOD Pizza, Mattress Firm, Massage Envy, European Wax Center, Sprint and Menchies. Stream is in lease negotiations with Panera Bread and El Pollo Loco.