The 68,000-sf center, positioned at 133 Cypresswood, will be renovated sometime in the future, Chad Moss of SJW Property Commerce tells GlobeSt.com. In all, Property Commerce has assembled seven tracts under Cypresswood Court's moniker for the venture and locked down Minneapolis-based Target for a 174,178-sf superstore, slated to open in October 2002. Several pad sites, inline space and 60,000 sf of big box retail will come out of the finished product.
Cypresswood Court Ltd. is the buyer of record and was represented by Moss in the retail center acquisition. William J. Byrd and Robert S. Parsley of Colliers International's Houston office represented seller, Kagan Edelman Capital Fund of Houston. Byrd tells GlobeSt.com that Kagan Edelman owned the shopping center for about 10 years. Moss foresees the tenant roster, primarily comprised of local retailers, will stay intact.
The shopping center is located near the intersection of FM 1960 and Interstate 45. It is on the outer edge of FM 1960 between Greenspoint and The Woodlands. The FM 1960 area hosts an extremely robust retail market as well sizable office market. The area has about 4.2 million sf of office product and is carrying a 13.2% vacancy.
Property Commerce represents Target and Home Depot for all of their Houston projects. Moss says there are eight Super Targets in various stages of development in Houston and the surrounding areas such as Humble, Pasadena and Missouri City. "Consumers today demand quality, convenience and an exciting environment for their shopping experience," says Moss.
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