Sueba to build residences at Pearland Town Center

CBL & Associates Properties Inc. has sold seven acres on its Pearland Town Center property to Sueba USA Corp. for development of residential units.

Financial terms of the agreement were not disclosed.

Houston residential developer Sueba will build 188 units called The Residences at Pearland Town Center.

Content Continues Below

Occupancy is slated for late 2009.

Another 62 luxury units, to be owned by Chattanooga, Tenn.-based CBL (NYSE: CBL) will be developed above the retail shops.

Sueba's management company, Southhampton, will manage and lease all 250 units.

Community amenities will include walking paths and a 25-acre lake as well as close access to the retail and restaurants in the town center. There also will be dedicated parking, a pool, fitness center and clubhouse.

Pearland Town Center, located at State Highway 288 and FM 518, will be anchored by Dillard's, Macy's, and Barnes & Noble, and is scheduled to open in July.