THE WOODLANDS, TX-A local developer has initiated preleasing on the nine-acre Technology Plaza at Research Forest. The development will have 20,000 sf of retail space, a 45,000-sf medical office building and two pad sites totaling 2.64 acres.
Similar projects have gone vertical for $250 per sf to $300 per sf. Everson Land Development LLC hasn't scheduled a tentative groundbreaking, but it could be next year if demand holds up for the development at 4223 Research Forest Dr. “We've signed one lease and will have two more signed by next week at the latest,” Tim Maczko, leasing associate with J. Beard Real Estate Co. LP in the Woodlands, tells GlobeSt.com. Shanghai Bistro has signed a 2,000-sf lease with a five-year term. The pending deals will fill another 3,400 sf, he says.
Maczko tells GlobeSt.com that the retail quotes are $25 per sf, triple net and $26 per sf for end caps. The medical office space carries an $18.50 per sf sticker, also triple net. Maczko is preleasing the buildings while J. Beard Real Estate Co.'s principal John A. Ernst is marketing the pad sites.
Maczko says the project's immediate neighborhood is experiencing strong growth, particularly since Research Forest Drive is one of the Woodlands' main arteries. With the new Fox Sports building across the street and a 100,000-sf Villa Sports health club under construction behind the mixed-use site, Technology Plaza at Research Forest is getting attention from potential tenants. “We've had great response,” Maczko says. “We just put the sign on the ground two weeks ago and it's generated a lot of interest in this project.”
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