Marcel Group to bring lifestyle development to Sugar Land
The Marcel Group, a privately owned commercial real estate firm based in The Woodlands, plans to break ground on the Marcel District, a lifestyle development in Sugar Land, in early May. The 63,000-square-foot mixed-use development at the southeast corner of University Boulevard and LJ Parkway will take about nine months to complete. Jeff Stein of CBRE lined up a $14.2 million construction loan through a regional bank and $3.4 million of equity financing from a private investor. The center, adjacent to Johnson Development’s Riverstone community, is expected to take 18 months to lease up. Other Marcel Group developments include The Villagio at Cinco Ranch and Cross Creek Town Center in Fulshear. The company was founded by Vernon Veldekens 20 years ago.
NSpire Staging has leased a 5,500-square-foot office/warehouse at 5414 Ashbrook, between the Bellaire Triangle and the Southwest Freeway. David Gerber of Gerber Realty represented the landlord, SG Investments. The tenant, which provides staging services for sellers of luxury homes, will convert the building to a showroom.
Creamistry, a California-based franchise that specializes in made-to-order ice cream flash-frozen with liquid nitrogen, plans to open shops in Vintage Park, at 130 Vintage Park Blvd., and Cypress, at 8931 Fry Road, this summer. Creamistry has more than 60 locations, including area stores in Uptown, Memorial City, Katy and Friendswood.
Straight Line Vapes has leased a 1,600-square-foot space at Beltway 8 and Pearland Parkway. Krystal Mutina of Edege Realty Partners represented the landlord.
Syl’s Party Store & Events has leased 1,818 square feet in the Highland Plaza Shopping Center, at 1520 S. Mason Road in Katy. Jason Gaines and Laura Diggs of NAI Partners represented the landlord. The center is anchored by 24-Hour Fitness.
Arapahoe Grande Investment has purchased the Goodwill store at 1025 Crabb River Road in Sugar Land. Josh Jacobs and Burdette Huffman of Edge Realty Partners represented the seller, Sansbury Business GW. Built in 2015, the property is occupied by Goodwill under a long-term lease.
Phillips Edison & Co. has acquired the 97,761-square-foot Cinco Ranch at Market Center at 23610-23730 Westheimer Parkway in Katy. Anchored by HomeGoods, the center is 96 percent leased. The Cincinnati-based company owns more than 300 shopping centers in the U.S., including 19 in Texas.
Wirthin Orthodontics has leased 1,925 square feet of retail space in Fort Bend Town Center, at Texas 6 and the Fort Bend Tollway, Missouri City, from NewQuest Properties. Ronnie Miranda of NewQuest Properties represented the landlord. Thomas Allen of Practice Real Estate Group represented the tenant.
MBBT Real Estate has purchased a 2.1-acre parcel along Croix Road near Almeda School Road in Manvel from CR 58 Pad Site LLC. Brad LyBrand of NewQuest Properties represented the seller and Barkley Peschel of Colliers International represented the buyer.