Goodbye, Kingwood Shopping Center
Kingwood Shopping Center has a new owner, and it’s getting a whole new look and name. (If only there were a place where it could buy new clothes...)
Schreer Partnership (led by husband and wife team chairman/CEO Andrew Schreer and COO Heather Dunagin Schreer, whom we snapped in their new office) purchased the 153k SF retail property and are rebranding it the Shoppes at Kingsgate. (We suggested they name it Xanadu, but apparently no one would get the reference.) Andrew tells us there is little to no land left for retail in Kingwood, so SPI wants the center to be something special. And he says there’s no reason to try to be a regional power center; the redesign will focus on being a true asset to the Kingwood community.
The renovation—led by ACG’s George Atala (who does all SPI’s design and GC work)—will have a town center concept and will make the property Class-A again, according to Andrew and Heather. Each section of the center will be different, and the team is adding a playground and outdoor dining plaza to make it very kid-friendly. (Though from experience we suggest going to the former before the latter.) The team is also adding gates to give the center an exclusive feeling and to mirror the gated community of Kingwood.
The center was already 80% occupied when SPI purchased it from Henry S Miller. Andrew has since renewed anchor Steinmart long-term, and he’s negotiating with a major organic grocer who wants to enter the Kingwood market (a perfect fit for the local demographics, he says). SPI also just signed Eying Success for 1,400 SF, so now Andrew’s just marketing a 25k SF anchor vacancy. The Shoppes at Kingsgate will open in May or June.
SPI also purchased its first out-of state property, Las Vegas’ 589k SF Tropicana Centre. Between the two acquisitions, it doubled its portfolio to 1.2M SF. Andrew tells us he wants to reach 2.4M SF this year; he’s eying retail opportunities nationwide. Next up may be a Fort Bend property, which he’s negotiating for now. Elsewhere in its portfolio, SPI has nearly finished leasing up 200k SF Steeplechase Shopping Center and recently signed UT Physicians in 150k SF Greens Crossroads. Its 24-hour clinic (rendered above) is 7,800 SF now, but Andrew expects it’ll exercise its right to expansion for 6k SF more when it opens.