Thank you for sharing!

Your article was successfully shared with the contacts you provided.

THE WOODLANDS, TX-In his second transaction in the Woodlands, a Houston developer has acquired 1.7 acres to construct a 13,000-sf neighborhood shopping center in Terramont, a 25-acre retail site in the Village of Sterling Ridge.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.