November 27, 2007

CENCOR COMPLETES EXPANSION OF THE CROSSING AT 518

PEARLAND—Cencor Realty Services has completed construction on a new phase consisting of two new multi-tenant buildings at The Crossing at 518, a regional shopping center located on 49 acres at the northeast corner of Highway 288 and FM 518 in Pearland. The new buildings bring the center’s total square footage to approximately 550,000 square feet. 

The Crossing at 518 is anchored by JCPenney, Best Buy, Bed Bath & Beyond, Old Navy and Wal-Mart Supercenter, as well as a line-up of well-known retailers and restaurants. 

Steve Chandler, city partner in Houston for Cencor, directed the expansion of the center on behalf of its ownership, The Crossing at 288, L.P.  Wes Miller and Randy Hopper with The Weitzman Group, Cencor’s affiliated real estate brokerage firm, handle leasing at the center. 

The new additions add a total of 38,900 square feet of space in a 20,700-square-foot building and an 18,200-square-foot building. New concepts at The Crossing at 518 include Half Price Books and Party City in one of the two new buildings. The other houses Charming Charlie, a specialty retailer offering sterling silver jewelry and distinctive fashion accessories, Wells Fargo Financial and Neri Hair Studio. 

 The Crossing at 518, which opened its first phase in spring 2005, also includes a strong line-up of additional retailers, restaurants and services, including Olive Garden, T.G.I. Friday’s, EyeMasters, Al’s Formal Wear, Beauty Brands, Mattress Firm, Sprint, Castle Dental, Warehouse Pool Supply, Panera Bread, Cold Stone Creamery and Chase Bank.

Including the Wal-Mart, The Crossing at 518 will contain a total of 625,000 square feet upon completion.

The intersection of FM 518 and Highway 288 is traveled by nearly 90,000 vehicles a day. The intersection is the strongest in the trade area and one of the strongest in the entire Houston-area retail market. Major projects are in the works at the intersection, including Pearland Town Center, a new open-air mall that will open next July at the southwest corner of Highway 288 and FM 518. The mall will be anchored by Dillard’s, Macy’s and Barnes & Noble. At the southeast corner, an existing project called Silverlake Village is anchored by SuperTarget, Kohl’s, Ross Dress for Less and Linens ‘n Things.

Pearland ranks as Houston’s fastest-growing suburb, according to Forbes Magazine. The trade area for The Crossing at 518 continues to experience phenomenal growth, with a 115 percent jump in population from 1990 to 2000. Thousands of new homes are being added through the addition of new master-planned residential communities in the area to serve the burgeoning population, which has grown by more than 30,000 people in the past decade.  By 2020, Pearland’s population is expected to nearly triple to 144,000, according to the city. Currently, within a five-mile radius of The Crossing at 518, the population totals approximately 75,000 people with an average household income that exceeds $80,000

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