Ikea will open its second large-format store in the Houston area next year, the Swedish furniture giant announced.
The store, slated to open in summer 2026, will be at Kimco Realty Corp.’s Center at Baybrook at 19801 Gulf Freeway in Webster. The site is a former Bel Furniture and Chair King, and the build-out of the store is estimated to cost $16.5M, the Houston Business Journal reported.
At 93K SF, the store will be less than a third of the size of the 300K SF Ikea Houston store that opened in 2004 at 7810 Katy Freeway.
The Webster Ikea will have 7,000 products on display and more than 4,800 products available for immediate purchase, including home accessories and more than 800 small furniture items. Larger pieces, such as sofas and beds, can be ordered in-store or online for free in-store pickup or, for a fee, home delivery.
Ikea last year opened a small-format store, just 5,500 SF, in Katy’s Cinco Ranch. That Plan and Order point allows for browsing of showrooms, but doesn’t have any items for immediate purchase. Ikea said in April 2023 that it would invest $2.2B in its U.S. growth through 2026, with plans to open 900 new pickup locations.
Ikea Webster will also feature Swedish food, offering dishes including meatballs, plant balls, hot dogs, veggie dogs and cinnamon buns.
“The opening of IKEA Webster highlights our commitment to bring IKEA closer to the many people and make it easier and more affordable to access our home furnishing products and solutions,” Ikea U.S. CEO Javier Quiñones said in the news release.
SALES
An undisclosed local exchange buyer bought a 32K SF Crash Champions Collision Repair property at 10475 Southwest Freeway. Marcus & Millichap’s Spencer Ward and Justin Miller marketed the property on behalf of the seller, a Dallas-based family office, and procured the buyer.
Crash Champions operates the facility under a triple-net lease with more than seven years remaining.
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Hines acquired a 1,532-acre tract along the path of the future Grand Parkway in League City. Hines plans to develop a master-planned community with 2,730 single-family lots as well as commercial parcels and a 26-acre future school site for Clear Creek ISD.
The community will offer a mix of 50-, 60- and 70-foot lots with projected home prices ranging from $400K to $800K. Amenities will include a pool, clubhouse and more than 400 acres of parks and trails.
Builders in the community will be Highland Homes, Newmark Homes, Westin Homes, David Weekley Homes and Chesmar Homes. Financing for the deal was provided by Rocky Lai & Associates. The first lots are expected to be delivered in late 2027, with home construction beginning in early 2028.
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Entrada Partners bought a two-building, 87K SF shallow-bay industrial property in North Houston and plans to rename it Gateway 45 Logistics Center. Cushman & Wakefield’s Jim Carpenter, Jud Clements, Robby Rieke, Emily Brandt, David Munson and Trevor Berry represented the undisclosed seller.
The property, at 18207 and 18209 Chisholm Trail, is 86% leased.
FINANCING
4411 San Felipe St. in Houston
Southern Realty Trust, a lender on the Tannenbaum Capital Group Real Estate platform, committed $15M to a $45M senior bridge loan originated by TCG Real Estate for the refinancing of a seven-story Class-A retail property in the Galleria area. An affiliate lender on the TCG Real Estate platform committed the remaining $30M.
The development at 4411 San Felipe St. is a joint venture between John M. Scott III, a hospitality and leisure real estate veteran, and WoodHouse, a luxury hospitality developer founded by Brady Wood. The property is 100% leased to tenants including Park House Houston — a private social club with dining, socializing and working spaces — Ciel Restaurant & Lounge and Fountain Life Longevity Center.