In an off-market transaction, a Harris County otolaryngologist has acquired a brand-new retail center in the heart of the 290 corridor in northwest Houston, snapping up an owner-occupant opportunity with extra class A space to lease.
The ENT physician will occupy 51 percent of the 15,059-square-foot project. David Luther, executive vice president of NewQuest Properties’ investment sales division, represented the buyer of record, Northeast View LLC. Ashley Strickland, vice president of the Houston-based brokerage firm’s healthcare and wellness division, and Nick Ramsey, an associate, have been selected to lease the balance of multi-tenant center at 27230 TX 290 in Cypress. The seller, 290 Louetta Project Ltd., was represented by Joshua Jacobs of Blue Ox Group.
“It’s a high-quality center with great visibility and access to 290,” Luther said. “The buyer was attracted to the strategic location, the area’s strong demographics and the future residential development at Dunham Pointe.”
The 1.5-acre center is situated at the hard corner of 290’s frontage road and Louetta, visible to more than 95,000 vehicles per day. Within a five-mile radius, there are more than 32,000 single-family homes planned or under construction. Dunham Pointe, which will rise directly across the freeway, is a 1,327-acre master plan for 300 acres of mixed-use space and up to 3,000 residential lots.
The Shops at 290 & Louetta has 5,200 square feet earmarked for the buyer’s practice, Houston Sinus & Allergy. If all goes as planned, the physician’s new office will open in the summer.
“Medical demand is high in this market, but availability on 290 apart from a hospital campus has always been extremely limited,” Strickland said. “It’s a good opportunity to have clinic space with community exposure within minutes of Memorial Hermann Cypress and HCA North Cypress hospitals.”
Luther approached the developer seven months ago about selling the freeway-fronting retail building shortly after it delivered. The site has nearly 90 parking spaces.
“The buyer wanted this center as soon as he saw it,” Luther said, “because of the location, ability to quickly ramp up a new office and his first-hand knowledge of demand in the area for medical and retail space.”