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George Foundation sells Richmond land for Sam’s Club project
The $51 million sale funds Circle Oak, which would add a Sam’s Club plus additional retail pad sites and ground-lease space.
Richmond, a Texas town of just over 11,000 residents south and west of Houston, is seeing new commercial development tied to a Sam’s Club anchor. ConnectCRE reports the George Foundation sold land for the proposed mixed-use project known as Circle Oak to Park Collective Retail Partners.
The planned Sam’s Club would be developed at a cost of $51 million. ConnectCRE says Park Collective also plans a 19,600-square-foot multitenant retail building and is negotiating leases with potential pad site users for three or four sites along FM 762.
According to ConnectCRE, the George Foundation said there is additional space for restaurant, retail, or office ground leases on both sides of the freeway. The Circle Oak site is located across from NewQuest’s 2 million-square-foot Brazos Town Center, a short distance from the 19,500-acre George Ranch in the George family’s possession for generations.