Stream Realty Partners Gets Financing for Power Center in Houston Area
- Feb 24, 2014
Stream Realty Partners has received joint venture equity and construction financing for the Center at Pearland Parkway, a 165,000-square-foot, Class A power center development in Pearland, Texas.
“Our development provides retailers with great spacing between the major retail nodes in west Pearland and Baybrook trade areas,” Mark Sondock, Stream Realty’s managing director of retail division in Houston, said in a company statement. “The Center at Pearland Parkway will provide the population in east Pearland, Friendswood and Alvin with more convenient access to a variety of shops, restaurants and service retailers.”
HFF arranged the financing on behalf of the developer, securing a construction loan through Bank of the Ozarks.
The Center at Pearland Parkway is situated on 27-acres at the northwest quadrant of FM 518 and Pearland Parkway, southeast of Houston’s central business district. The property is positioned adjacent to a 146,000-square-foot Lowe’s and will be shadow-anchored by a new HEB grocery store scheduled to open this spring.
“A combination of tremendous housing growth in the trade area, and the development of both The Center at Pearland Parkway and the new HEB store, will further solidify this intersection as the dominant retail location in east Pearland,” Ralph Tullier, managing director of Stream’s retail division, said in the statement.
The power center is expected to be completed in the fourth quarter of 2014. The property is pre-leased to national tenants including TJ Maxx and Ross Dress for Less. More national retailers are expected. Stream Realty will provide leasing and management services for the development.
Stream Realty now has more than 100 million square feet of office, industrial and retail assignments, resulting in more than $1 billion in real estate transactions annually.
The HFF team was led by managing director Matt Kafka, director Colby Mueck and real estate analyst Will Crawley.