The third phase of The Grand at Aliana, a mixed-use development in Richmond, Houston, has seen a significant transaction. Costco Wholesale Corp has acquired a 20-acre development site located at the NEC of West Grand Pkwy South & West Airport Boulevard. The site spans 154,648 square feet and provides ample space for future growth and expansion.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: Not disclosed
• Address: NEC of West Grand Pkwy South & West Airport Boulevard
• Market: Richmond
• Asset Type: Development Site
• BSF: 154,648
• Acres: 20

Austin Alvis, representing NewQuest Properties, assisted Costco Wholesale Corp in this transaction. Meanwhile, Ron Vachris acted as the buyer's representative on behalf of Costco Wholesale Corp. The acquisition of this development site sets the stage for Costco to establish a presence in Richmond. The company plans to open a 154,648-square-foot Costco store at the location in the summer of 2024.

The third phase of The Grand at Aliana will not only feature the Costco store but also include multifamily units, medical facilities, freestanding restaurants, and additional restaurant and retail space. This development represents a significant addition to the Richmond area, offering new amenities and opportunities for residents and visitors alike.