SUGAR LAND, Tex.--Vista Equities has purchased the 14.734 acres at the northeast corner at Highway 59/Interstate 69 and University Boulevard in the master-planned community of Telfair in Sugar Land. Preliminary plans for the corner include approximately 160,000 square feet of mixed-use commercial development including retail, office, free-standing full-service restaurants, and pad sites for banks and other similar uses.

In addition, three other Telfair sites that have recently closed:

• West Office Park - Reserve A - 1.511 Acres for a Medical Office Building to Shiraz Holdings LLC (Capital Internal Medicine Associates PA)
• West Office Park - Reserve J - 1.196 Acres for a Medical Office Building to Zenzed LLC; Dr. Azul Jaffer (Shirazali PLLC dba Azul Plastic Surgery) 
• East Office Park - Reserves A & B - 3.095 Acres for a Medical Office Building to Sugarland Med Properties LP.

A 3-story, 56,000-SF medical office building with an adjacent 3-story parking garage is scheduled to be completed in the first quarter of 2015. Approximately 85 percent of the building is pre-leased to doctors and medical users. American Commercial Contractors is building the project and it is nearing completion.

This progress continues the momentum reflected previously by announcements of property acquisitions in Telfair by Fluor of approximately 50 acres for a corporate campus; Texas Instruments for a 160,000-square-foot office building, expandable to 220,000 square feet; and Group 1 Automotive for a high-end auto dealership. A number of contracts are currently being negotiated, yet significant opportunities are still available for those wanting to enter or expand in Telfair.  

Charlie Herder, Kolbe Curtice and Corbin Janssen with Colliers International are representing Newland Communities, the owner of Telfair, to market the property.

“The Telfair commercial tracts along the freeway represent one of the very best suburban commercial development opportunities in the state,” says Herder, co-chairman & principal of Colliers in Houston. “Upon full build-out, the property will add over a billion dollars of new capital investment and will be the home for several thousand employees.”

Reps with Colliers were unable to offer more details by press time.