E. Houston 19.2-Acre Buy Being Primed for Retail

HOUSTON-An East Houston tract is headed to the drawing boards for a 200,000-sf retail development with the closing of a 19.2-acre sale at the juncture of US Highway 10 and Hayden Road.

The buyer of record is I-10 Hayden Ltd. The project calls for a retail center and several restaurant pads. And, the plan is to be opening doors in fourth quarter 2002.

Ewing King, Scot Luther and Jim Peterson of Houston’s Read, King and Luther represented the buyer. Monte L. Tinkham and Brendan Lynch, both senior vice presidents with CB Richard Ellis Inc. in Houston, handled talks for KBM Investments NV, a private overseas investment group.

Luther tells GlobeSt.com that the area generates $250 million annually in retail sales. The acreage is located east of Houston near Jacinto City, where big boxes are cropping up regularly. The proposed development will be positioned between Wal-Mart and Sam’s Club and close to Home Depot, Circuit City and sundry other retailers. There is, says Luther, a lot of pent-up demand in the market that he believes is underserved by retailers.

Luther already has talks under way with four restaurant chains and five national discount retailers. Read, King and Luther are handling the marketing of the property. Luther says an engineer has been hired. The general contractor and architect have not been signed for the project.

According to Revac’s Shopping Center Market Survey, 3.4 million sf of retail center construction has been completed thus far this year. Some 4.75 million sf in 25 centers are under construction and another 4.6 million sf in 22 centers are up and coming for the Houston region.