HOUSTON – (Realty News Report) – Archway Properties will break ground in mid-May on a build-to-suit retail building for Northern Tool + Equipment in Park Air 59, a 111-acre mixed-use development at the eastern edge of Bush Intercontinental Airport in northeast Houston.
Northern Tool’s 22,016-SF store will be built on a 1.7-acre, freeway-fronting pad site. Northern Tool is the fourth retailer to land in the development, located at the crossroads of US Hwy. 59 and Will Clayton Parkway in Humble.
This store will be eighth location in the Houston area for the Minnesota-based hardware chain’.
Preston Cunningham of Cunningham Ventures and Austin Alvis of NewQuest Properties represented Archway Properties in the build-to-suit lease negotiations. Jason Baker and Traci Holman of Baker Katz represented the tenant i
LaGrone Services Ltd. is the general contractor. The project is slated to open in the first quarter of 2021.
“Northern Tool continues a theme of national credit retail tenants at the northern end of our property,” says Ben Allen, partner in Houston-based Archway Properties. “The hardware sector’s performance during these times is enabling us to move forward despite the market conditions created by COVID-19.”
To date, 1.2 million sf of retail, medical, industrial and service-related uses have been built in Park Air 59. Archway has 18 acres remaining in the park.
“Not many sites with this kind of frontage remain on any of the major Houston freeways,” Allen says. “With the current situation in the market, medical office is a primary focus.”
Park Air 59’s first medical user was Vital Heart & Vein, which developed a 65,000-SFnthree-story medical office building. Within three miles of the project, there are nearly 45,000 people with an average household income of $61,000 per year.
