(For more retail coverage, click GlobeSt.com/RETAIL.)
THE WOODLANDS, TX-Monthly Income and Growth Fund II, a retail partnership fund managed by AmREIT in Houston, has acquired 11.24 acres in separate tracts in the Woodlands to develop about 40,000 sf of multi-tenant retail space. The all-in development cost is estimated at $11 million.
AmREIT bought 5.24 acres in Terramont and six acres beside College Park Village Shopping Center. The preleasing campaign has brokers courting the market with $23 per sf for inline space and $25 per sf for end caps. Preston Cunningham from AmREIT and Greg Jordan from the Woodlands Development Co. structured the land sales.
AmREIT plans to break ground in the fourth quarter on Terramont, located at the southeast corner of Woodlands Parkway and FM 2978 in the Village of Sterling Ridge. Anchored by a Wal-Mart Supercenter, the 24,000-sf project is scheduled for completion by late summer 2006.
Additionally, ground will break soon along College Park Drive in the Village of College Park for a 16,000-sf development beside an existing shopping center. The scheduled completion date is May 2006.
Kristen Barker, vice president of leasing for AmREIT, says that, though the marketing campaigns have just gotten under way, "there has been a huge amount of interest in both."
Cunningham, AmREIT's vice president of development, tells GlobeSt.com that College Park, so far, has yielded incredible interest from potential tenants. "We're finalizing deals with two tenants and have LOIs working on the shopping center," he notes, adding LOIs are also in the works at Terramont.
Though AmREIT has other successful retail properties in the Woodlands, as of now, the investment company is not seeking more retail land or space at the present time. "We'll get these two under construction and stabilize them," Cunningham says. "Then we'll see what happens."
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