Development Update - Telfair Prime Corner Sold
- Northeast corner 14.734 remaining acres sold at Highway 59/Interstate 69 and University Boulevard, Sugar Land -
SUGAR LAND, OCTOBER 22, 2014 -
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, freestanding full service restaurants, and pad sites for banks and other similar uses. This development will create a new and exciting work and play environment for Telfair and the surrounding area’s residents.
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% 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-SF office building, expandable to 220,000 SF; 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.
What land is left?
- SOUTHEAST CORNER - Approximately 40 acres in the southeast quadrant of US Highway 59/69 and University Blvd. surrounding the recently completed Texas Instruments and Fluor campuses is available. Sugar Land visualizes this area to be higher density and have a more urban feel; ideal for professional and corporate office users. Letting demand drive the final development, there will most likely be a combination of office and retail, along with the potential for mid-rise residential to complement the surrounding development.
- NORTHWEST CORNER - At the northwest corner of University Place and Highway 59, approximately 25 acres remain. This area is ideal for a variety of retail users. Plans are being considered to parcelize this quadrant to absorb an enormous amount of demand.
- WEST OFFICE PARK – This area is ideal for single-user office and commercial buildings. Two sites have been sold and plans for such buildings are already in the planning stages.
- EAST OFFICE PARK - Only three of the seven original sites remain, of which all are currently under negotiations with prospective buyers, primarily for multi-story professional and office buildings.
With a projected job growth of 18.4% through 2018, Sugar Land recently topped the list of America's best places to find a new job. Sugar Land has a lower-than-average unemployment (a mere 4.2%) and positive past job growth of 10%. We anticipate this trend to continue moving in a positive direction and drive the property’s demand.
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” said Charlie 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.”
One of the top-selling communities in the United States since it opened in 2006, Telfair is a 2,018-acre master-planned community located at U.S. Highway 59 South and University Blvd. A development of Newland Communities, Telfair is home to approximately 2,800 single-family homes, ranging from low-maintenance patio homes to luxury estate homes.
With an award-winning land plan inspired by the historic center city of Savannah, Ga., Telfair has over 300 acres of recreational amenities, including numerous parks and squares, miles of greenbelt trails and scenic meandering lakes. Telfair is also home to the Houston Museum of Natural Science at Sugar Land, located in a historic building donated to the museum by Newland Communities.
Telfair has won numerous awards, including several Landmark Awards from the Houston Business Journal, and a Community of the Year award from the Greater Houston Builders Association. For more information, visit www.telfair.com.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
Locally, Colliers International | Houston is a full service commercial real estate firm with offices in the Galleria, Sugar Land and The Woodlands, providing integrated services to clients locally and globally since 1957. More than 98 professionals specialize in the sale and leasing of office, industrial, retail, multi-family, investments, and land properties, valuation and advisory services, and real estate, property, and project management.
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