Frank M. Liu, owner of Lovett Commercial, secured acreage at the northeast entrance to a 210,000-sf Wal-Mart Supercenter, which is due to open in spring as the lead-off play for Terramont, located along Woodlands Parkway between West Branch Crossing Drive and FM 2978. "We liked Wal-Mart as a draw, and historically, the area has been a solid performer," Liz Jacob with Lovett Commercial says. "We wanted to take this opportunity while we could to buy and develop the property."
Lovett plans to break ground in the spring on the development. It recently developed and leased a 6,500-sf building to Washington Mutual at the intersection of Lake Woodlands and Woodlands Parkway. While acquisition prices and leasing rates were not released, sources tell GlobeSt.com that land in the area sells for $100 per sf to $150 per sf, with retail lease rates quoted, on average, between $1.15 per sf to $1.25 per sf, monthly.
Jacob says the development group plans more purchases in the area for retail development. "We're looking all over, not just in the Woodlands, but at good intersections in the city and beyond," she says.
Brendan Lynch of CB Richard Ellis Inc.'s Houston office represented Lovett Commercial in the land transaction. The Woodlands Development Corp. had in-house broker, Greg Jordan, handle its bargaining.
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