Development Kicks off With Good Amount of Space Pre-Leased

The development features an array of anchor tenants including Petco.

PEARLAND, TX— The Center at Pearland Parkway was completed in 2014.  The second phase, a 108,343-square-foot addition to the existing retail power center has broken ground and development delivery is slated for late 2016. An undisclosed anchor tenant has inked a lease for 62,943 square feet, kicking off the development at 60% pre-leased. Located at the northwest quadrant of FM 518 and Pearland Parkway, the center stands adjacent to a recently built H-E-B grocery store, with an overall retail footprint encompassing a 60 acres. The development features an array of anchor tenants including TJ Maxx, Ross Dress for Less, Palais Royal, Petco, Five Below and Rack Room Shoes . The center is in the primary retail node for the eastern part of Pearland and approximately 15 miles from downtown Houston. Within one mile of the center, there are more than 370 businesses with approximately 3,700 employees in addition to the 23,974 households within a three-mile radius of the center. “Existing retailers and restaurants at The Center at Pearland Parkway have performed extremely well, with many of them having locations in Baybrook and West Pearland trade areas,” states Mark Sondock , managing director of Stream Realty Partners’ Houston retail division. “Cannibalization is always at the forefront of retailers’ minds. The strong store sales from our development have proven that the population and purchasing power is significant enough to support stores in all three of these trade areas.” Stream additionally plans to boost entertainment and green space presence, incorporating tenant buildings along Pearland Parkway with patio space for outdoor seating and dining. “Stream has committed to building a superior quality power center that we are confident will serve the needs of the community for decades to come,” notes Ralph Tullier , managing director of Stream’s Houston retail division. “Our team takes great pride in this community, and looks forward to the continued partnership with the City of Pearland and its surrounding neighborhoods.” Court Richardson and Andrew Bagnall of Stream are leading leasing efforts on the project. Stream is additionally providing the development and management services. Richardson tells GlobeSt.com: “With the addition of more top-tier restaurants including El Pollo Loco, Panera Bread, Pei Wei and VertsKabob , the intersection has created a real critical mass of eating options for trade area residents.” Financing for The Center at Pearland Parkway II was arranged by managing director Colby Mueck and senior managing director Matt Kafka of HFF . HFF worked on behalf of the developer to place the construction loan with Amegy Bank.  Additionally, HFF arranged mezzanine financing with a major life insurance company.