Trademark and MetLife Investment Management Break Ground on 202,000-SF Dunham Pointe Retail Center in Cypress, Texas, With PNC Financing
Fort Worth-based Trademark Property Co. has broken ground on a 202,000-square-foot retail and restaurant district in Cypress, Texas, securing construction financing from PNC Bank and bringing on MetLife Investment Management as its equity partner for the development.
The project, known as the Dunham Pointe retail and restaurant district, is situated on approximately 25 acres at the intersection of U.S. Highway 290 and Mason Road within Dunham Pointe, a roughly 1,330-acre master-planned community. Trademark said construction began in early September 2026, with a public groundbreaking ceremony scheduled for October 1.
Financing and Equity Partnership
Trademark tapped MetLife Investment Management, the institutional asset management business of MetLife Inc. (NYSE: MET), as its equity partner for the ground-up development. The company also secured construction financing through PNC Bank ahead of the construction start.
"Starting construction is a major milestone for us and for Dunham Pointe," Trademark founder and CEO Terry Montesi said. "We are seeing the start of a new retail development cycle after one of the longest downturns in history. With record-low national retail vacancy and construction starts, the market is genuinely undersupplied, and developers and investors are starting to respond. We are proud to be among the first movers, getting impactful projects like Dunham Pointe off the ground."
Anchor Tenant and Leasing Activity
Whole Foods Market will anchor the development, marking the grocer's first location in Cypress and its first new planned store in the Greater Houston market since 2019. The project has signed 14 tenants in total ahead of construction, including Nordstrom Rack and Shake Shack alongside a roster of food, beverage, fitness, and specialty retailers.
Additional signed tenants include Amorino Gelato, Fidelity, LaserAway, Milkshake Factory, Ojo de Agua, Pepper Lunch, Playa Bowls, Pokeworks, Solidcore, and Texas Country Boots. A national junior-fashion anchor has also been signed but has not been publicly identified. Trademark is negotiating with more than 12 additional tenants representing approximately 65,000 square feet, with letters of intent from more than 10 other retailers indicating further leasing demand.
Market Context
The project's timing reflects conditions in both the national and Houston-area retail markets. Houston's retail market recorded a 5.7% vacancy rate in the second quarter of 2026, while average triple-net asking rents reached a record $21.49 per square foot, up from $21.23 in the prior quarter and $20.30 a year earlier. Nationally, retail vacancy and new construction starts remain at historically low levels, a dynamic that Montesi cited as a driver of the project's timing.
Dunham Pointe's positioning within a large master-planned residential community, combined with highway visibility at U.S. 290 and Mason Road, a grocery anchor, and substantial preleasing ahead of construction, are characteristics that support the development's feasibility in the current environment. MetLife Investment Management's participation as an institutional equity partner reflects continued selective interest in well-located, preleased ground-up retail projects.
Project Overview
The Dunham Pointe retail and restaurant district is designed as a multi-tenant center with a tenant mix spanning grocery, off-price apparel, dining, fitness, beauty, and specialty retail. The 202,000-square-foot planned gross retail area represents the first 25 acres of retail development within the broader Dunham Pointe master-planned community along U.S. Highway 290 in Cypress.
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