DEAL OF THE WEEK
Aliana will have a Target-anchored shopping center
Houston-based Property Commerce has purchased 38 acres along the Grand Parkway at Harlem Road for development of a Target-anchored shopping center in the Aliana master-planned community.
The 438,000-squarefoot Market Center at Aliana in Richmond will include a 124,000-squarefoot Target prototype store, in addition to a recently opened 102,000-squarefoot H-E-B.
The Target, the first store to incorporate a new design to be rolled out to 600 locations over the next two years, is expected to open in mid-October. It is the 46th Target to be developed by Property Commerce.
Other tenants include PetSmart, Marshalls and Ross Dress for Less.
JLL’s Simmi Jaggi and Elizabeth Clampitt represented the seller, Aliana Development Co.
“This deal is a milestone in the development of the Aliana master-planned community, and will ultimately create a highly desirable, modern and amenity-rich shopping center for the surrounding population,” Jaggi said in an announcement.
“With two outstanding anchors and an additional 57 acres of land planned for retail development, the stage is set for this intersection to become a significant retail destination for both Aliana and southwest Houston.”
Much of the Houston region’s retail development, totaling 3 million square feet at year’s end, is in suburban areas with strong residential growth, according to JLL. The local retail vacancy rate was 5.1 percent at year end.
Aliana, one of the nation’s top-selling communities in 2016 with 426 sales, is planned for 4,200 homes upon completion. Harvest Green, a farm-focused community planned for 2,000 homes, is nearby.
Thompson Nelson Group provided architectural services for Market Center at Aliana, while Cates-Clark & Associates provided engineering services. Chad Moss and Clay Trozzo of Property Commerce are handling leasing.