NewQuest Properties is poised for new growth at its top-ranked Stone Hill Town Center in central Texas, selling two adjacent tracts to different franchisees of internationally acclaimed hospitality chains.
Ground is expected to break in early 2018 on an 86-key Holiday Inn Express and a Tru by Hilton, the first one to be developed deep in the heart of Texas. The Holiday Inn Express will be situated on a two-acre site while a four-story Tru by Hilton will go up on 1.83 acres fronting Town Center Drive. Josh Friedlander and Rebecca Le of NewQuest Properties represented the seller in the direct deals.
NewQuest's Stone Hill Town Center at 500 Limestone Commercial Dr. is one of the top five retail destinations in Greater Austin – one million sf of leading brands on 196 acres at the crosshairs of TX 45 and 130, just 12 miles northeast of the state capitol. The hotels will be situated between the 185,334-sf Super Target at 18700 Limestone Commercial Dr. and the Mansions at Stone Hill at 1316 Town Center Dr., a project with more than 400 luxury apartments.
Fueling the power center's success and strong trade area is its location. Not only is it close to the capitol, but it's just a 15-minute drive to Austin-Bergstrom International Airport and a few miles from Dell Inc.'s headquarter campus and Korea-based Samsung's Austin semiconductor facility. Its next-door neighbor, Typhoon Texas Austin, a 25-acre water park, brings at least 300,000 visitors per year to the area.
The three-mile trade area has experienced a 42.7% population spike since 2010, rising to 80,058 from 56,178. The average household income is $108,401 per year. The median age is 33.5.
"This area needed to catch up with hospitality uses. It's a great complementary addition for Stone Hills' retailers," Friedlander says. "As for the hotel guests, they will be within walking distance of an abundance of restaurants and shops suited to all tastes and needs."
Friedlander and Le are close to signing one of the state's most popular taco chains for the next
development phase of Stone Hill's restaurant row. Meanwhile, 7.5 acres and seven pad sites, including some with freeway frontage, are being marketed for sale or ground lease.
"Sales have been explosive at Stone Hill for restaurants and stores alike. That was another attraction for the hoteliers," Friedlander says.
The two hotels play to different market segments. Holiday Inn Express is touted as a smart traveler's choice in the mid-price range offering free WiFi, fresh hot breakfast bars, fitness centers and consistency in service and comfort at all properties, with rooms designed for a good night's rest, place to recharge and large desks geared toward today's mobile workforce. The Stone Hill property will include an outdoor swimming pool.
Tru by Hilton is an emerging affordable brand designed to appeal to Millennials. It boasts smaller, more efficient rooms, free WiFi throughout including wireless printing, gaming nooks, collaborative work spaces and semi-private alcoves plus 24/7 gourmet snack and beverage bars in addition to such traditional hotel perks as fitness centers and the Hilton Honors reward program. The brand has one property in Dallas/Fort Worth and second one in the pipeline.
CENTRAL TEXAS SALES
Holiday Inn Express and Tru by Hilton have purchased 2-acre and 1.83-acre tracts, respectively in Stone Hill Town Center, located at the intersection of TX 130 and 45, Pflugerville, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the seller in the direct deals.
SOUTH TEXAS SALE
Riverside Assets Management LLC has purchased 11.78 acres of retail land at the intersection of FM 529 and Fry Road, Houston, from Eastbourne Fry & 529 II LLC. Jeff Lokey of NewQuest Properties represented the buyer. Bill Byrd of Colliers International represented the seller.
SOUTH TEXAS LEASES
Regions Bank has ground-leased a 1.04-acre retail pad site in Grand Morton Town Center, located at the intersection of Grand Parkway and Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. Russell Janicek of CBRE represented the tenant.
Verizon Wireless has leased 2,619 sf of retail space in Grand Morton Town Center, located at the intersection of Grand Parkway and Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. Jeff Hayes and Caroline Daggett of NewQuest Properties represented the tenant.
Verizon Wireless has leased 1,200 sf of retail space in Friendswood HEB Shopping Center, located at the intersection of FM 518 and 528, Friendswood, from Friendswood Center LLC. Brad Elmore and Austen Baldridge of NewQuest Properties represented the landlord. Nathaliah Naipaul of Blue Diamond Realty represented the tenant.