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|Année de construction||1952|
|Taille du terrain||
CALL FOR OFFERS | 5:00 PM CST, Friday, June 18, 2021
JLL presents the opportunity to acquire Griggs Road Shopping Center (the “Property” or “Asset”), a 80,091 square foot Citi Trends anchored neighborhood shopping center located in Houston, TX with high visibility along Griggs Road and unprecedented access to southeast Houston by means of Old Spanish Trail. This ideal location sits within the extremely dense urban neighborhood of Greater OST/South Main with over 160,000 residents within a 3-mile radius. The center is 98.3% leased with a strong, service-providing tenant base of national and local tenants. This Citi Trends is the #3 location in the Houston MSA by daily site visits and in the top 10 by daily visits for the entire state of Texas on a one-year basis. The offering also includes a significant value-add opportunity through the lease-up of a 27,000 SF standalone retail center as well as 1.45 acres of development ready land. Griggs Road Shopping Center provides investors stable in-place income from reputable and beloved national and local tenants, with significant upside through leasing the remaining vacancy and
potential development, in an emerging market within the Houston MSA.
- Diverse, Service Providing Tenant Base
- Attractive Basis Below Replacement Cost
- Long-Term Institutional Ownership
- Mark to Market Opportunity With Below Market Rental Rates
- Exceptional 10-Year CAGR of 4.50%
- Tremendous Value-Add Opportunity to Lease-Up and Develop in a Growing Market
- Income Stability: 5.7 Year Weighted Average Lease Term Remaining
- Sticky Tenant Base: Weighted Average Tenure of 7.0 Years
- Offered Free and Clear of Debt