Both retailers signed 10-year pacts for the center, which is leasing for $10 per sf to $12 per sf, according to Dean Lane, principal of locally based NewQuest Properties. He and Matt Reed of represented Ross and PetsMart in the transaction.
The center is rising on the southwest corner of Spring Cypress Road and US Highway 290. It is being developed by a partnership between Property Commerce, a local developer that handles all Target and Home Depot development in the city, and New Hyde Park, NY-based Kimco Realty Corp.
A 125,000-sf Target, which is already open, is the anchor. The rest of the lineup includes TJ Maxx, Bed, Bath & Beyond, Pier 1, Office Depot, NTB and Hibernia Bank.
Lane tells GlobeSt.com that Ross and PetsMart have stores about eight miles from Cypress Towne Center. "The area around Cypress Towne Center is growing and is becoming a dominant trade area," he says. Several big-box retailers like Home Depot and Wal-Mart already have stores opened at the high-traffic intersection.
"Northwest Houston is one of the hottest housing markets," Lane explains, estimating 600 to 700 homes will be built near the project site just this year. The trade area already boasts more than 75,000 residents with annual median incomes exceeding $70,000, he says. "It's an affluent area."
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