X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RICHMOND, TX-The acquisition of four acres adjacent to a 16-acre parcel has paved the way for a 127,503-sf, Kroger-anchored shopping center. Waterside Marketplace will break ground in the fourth quarter, with completion slated for Q4 2008.

Kroger will own its 102,894-sf store, leaving 24,519 sf on in-line space and two out-parcels up for grabs in the development by Jacksonville, FL-based Regency Centers Corp. Steven W. Fritzer, Regency’s senior management of investments, says he wouldn’t be surprised to see 90% of the in-line space leased when the center opens at the Grand Parkway-Mason Road intersection. “We have commitments for around 60% of the shop space and commitments for ground leases,” Fritzer tells GlobeSt.com. Waterside Marketplace’s quoted rate is $24 per sf, triple net. Its all-in development costs are still being worked out.

Regency, as it always does, will target national and local tenants. Housing and population demographics in Fort Bend County is why Fritzer believes the time has come for Waterside Marketplace. “This is a significantly under-retailed location,” he says. “The interest has been strong recently, ever since we announced we were doing the project.”

Fritzer explains that Regency had acquired the 16-acre parcel about three years ago and was prepared to build the Kroger-anchored center. “But then Kroger’s prototype expanded substantially from what we were planning on so we had to obtain the four additional acres,” he says. He adds that Kroger will end up with about 13 of the 20 acres.

Read King Commercial Real Estate in Houston is handling leasing. CDA Architects, also in Houston, designed it. A general contractor hasn’t been selected.

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?

GlobeSt

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.