$14M Grocery-Anchored Project Breaks Ground

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BRYAN, TX-Cencor Realty Services today breaks ground on Colony Park Shopping Center, a 111,600-sf shopping center anchored by a 74,000-sf Kroger Signature grocery store.

The center, expected to open during the first quarter 2006, has a project cost of $14 million, according to Steve Chandler, city partner and senior vice president of development for the Dallas-based Cencor’s Houston office. “The center has a bigger Kroger than most, it’s their new prototype.” The project is going up at the intersection of the Texas 6 bypass and Boonville Road, about 100 miles northwest of Houston.

Chandler tells GlobeSt.com that Colony Park Shopping Center already has commitments for roughly 10% of the retail space. “We should be 50% preleased within the next three months,” he says. The rental rate ranges from $22 per sf to $25 per sf. The project includes four one-acre pad sites that could add up to 30,000-sf of extra retail space. “This is an underserved area that is seeing a lot of growth,” Chandler says. “And, it’s a very stable market for its size.”

David Stukalin and Greg Slusky with the Weitzman Group’s Houston office are preleasing the project. Houston-based TDA Architects designed the center; CA Walker & Co., also from Houston, is the general contractor.