pasadena, texas fairmont parkway shopping center• new non-recourse cmbs and bank financing...
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FAIRMONT PARK WAY SHOPPING CENTERPasadena, Texas
STABILIZED HOUSTON POWER CENTER WITH BELOW MARKET RENTS
Executive SummaryTranswestern is pleased to exclusively offer for sale Fairmont Parkway Shopping Center (the “property”), a 172,002-square-foot (“SF”) Class A power center located in suburban Houston. This high-quality center features dual anchors on long-term leases including 24 Hour Fitness and iT’Z Family Fun. Other tenants at the center include category leading national retailers such as Comerica Bank, Sears Home Appliance, Pei Wei, Regency Beauty Centers, Goodwill and Malibu Tan. The property is located in the regional retail hub for Pasadena and the surrounding communities. Pasadena is considered a worldwide center for the energy, petrochemical and aerospace industries. This rapidly growing, job-fueled consumer market is strategically located and bounded by the Port of Houston and the Bayport Industrial District. The Port of Houston is ranked first in the U.S. in both domestic import and export tonnage and second in the U.S. in total tonnage.
• Located in the regional retail hub for the growing trade area
• Stabilized at 96 percent occupancy with below market rents
• Shortage of retail availability in this expanding market
• Anchored by trade area’s only major gym and entertainment complex
• Immediate access to adjoining neighborhoods
• Property is offered free and clear with no debt obligations
• New non-recourse CMBS and bank financing available
Investment Highlights
KEY PROPERTY STATISTICS
Location
5932 - 5968 Fairmont Parkway in Pasadena, Texas
Size
172,002 SF
Occupancy
96%
Year Built
1992 and 2008
Traffic Counts
Beltway 8 - 82,000 cpd
Fairmont Parkway - 30,000 cpd
DEMOGRAPHICS
1 MILE 3 MILE 5 MILE
2013 Population 9,792 83,669 256,614
2013 Average Household Income $91,906 $68,047 $71,854
Owner Occupied Median Housing Value $116,070 $98,737 $98,360
% of Owner Occupied Housing 86.6% 59.6% 61.1%
2013 Total Household Expenditures $223 M $1.6 B $4.73 B
SUMMARY OF PRIMARY TENANTS
TENANT SF EXPIRATION
24 Hour Fitness 40,304 12/31/21
iT’Z Family Fun 60,000 4/30/22
Goodwill 19,165 3/31/21
Comerica Bank 4,277 3/31/28
3K Sports 15,484 1/31/15
The property is located in Pasadena, less than 10 miles southeast of Houston’s central business district. Pasadena is the second-largest city in Harris County with over 150,000 residents and is continuing to grow. The area growth is driven by its strategic geographic location along with its talented and well-educated workforce. The trade area, and particularly the intersection of Beltway 8 and Fairmont Parkway, consists of over 1 million square feet of national retail. This regional retail hub supports not only Pasadena, but the surrounding communities of Deer Park and La Porte.
Location
Fairmont Parkway Shopping Center is 96 percent leased to a strong roster of national tenants including 24 Hour Fitness, iT’Z Family Fun, Goodwill, Comerica Bank, Sears Home Appliance, Pei Wei, Regency Beauty Centers and Malibu Tan. The anchor tenants are market leaders in their respective categories with little to no competition in the immediate area. This stabilized center offers additional upside through rental appreciation of the in-place below market rents.
Tenancy Overview
82,000 CPD10,716 CPD
20,150 CPD 30,260 CPD
10,260 CPD
98,000 CPD
8
SITESITE
CRENSHAW RD PRESTON RD
PANSY ST
FAIRMONT PKWY
FAIRMONT PKWY
T R A N S W E ST E R N C H I CAG O200 West Madison StreetSuite 3300Chicago, IL 60606
Paul [email protected]
Janice [email protected]
T R A N S W E ST E R N H O U STO N1900 West Loop SouthSuite 1300Houston, TX 77027
Micha van Marcke, CCIMSenior Vice [email protected]
Chace [email protected]
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10
45
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Houston
Pasadena
Sugar Land Pearland