PEARLAND, Texas – Stream Realty has broken ground on the Center at Pearland Parkway II, a 108,000-SF second phase of a power center in east Pearland.
The 166,000-SF first-phase of the two-year-old center, located at the northwest quadrant of FM 518 and Pearland Parkway, is 95 percent leased.
The Pearland Parkway has significant demographics and buying power, establishing it as a unique niche between Baybrook and West Pearland, says Stream’s Mark Sondock.
“Existing retailers and restaurants at The Center at Pearland Parkway have performed extremely well, with many of them having locations in Baybrook and West Pearland trade areas,” states Mark Sondock, Managing Director of Stream’s Houston retail division. “Cannibalization is always at the forefront of retailers’ minds. The strong store sales from our development have proven that the population and purchasing power is significant enough to support stores in all three of these trade areas.”
Within one mile of the center, there are more than 370 businesses with approximately 3,700 employees in addition to the 23,974 households within a three-mile radius of the center.
Stream plans to boost entertainment and green space presence, incorporating tenant buildings along Pearland Parkway with patio space for outdoor seating and dining. “Stream has committed to building a superior quality power center that we are confident will serve the needs of the community for decades to come,” notes Ralph Tullier, Managing Director of Stream’s Houston retail division. “Our team takes great pride in this community, and looks forward to the continued partnership with the City of Pearland and its surrounding neighborhoods.”
Court Richardson and Andrew Bagnall of Stream are leading all leasing efforts on the project, slated for completion late in 2016.
Colby Mueck and Matt Kafka of HFF arranged a construction loan with Amegy Bank for The Center at Pearland Parkway II. Additionally, HFF arranged mezzanine financing with a major life insurance company.
Tenants in the first phase of the project, located about 15 miles from downtown Houston, include TJ Maxx, Ross Dress for Less, Petco, Palais Royal and Massage Envy.
Amegy Bank, a division of ZB, N.A., a wholly owned subsidiary of Zions Bancorporation (traded on NASDAQ with the symbol ZION), is a Texas-based bank with nearly $12 billion in assets and about 1,600 employees.
April 10, 2016