Shoppes at 1960
Houston, TX 77070
7,850 SF Omni Tenant PAD Building
Sales Price: $4,200,000
Shoppes at 1960
Presented by:
The Retail Specialists®
Jacob Grossman
Assistant Vice President
jgrossman@weitzmangroup.com
713.477.9986
Randy Hopper
Vice President
rhopper@weitzmangroup.com
281.382.1594
www.WeitzmanGroup.com
Shoppes at 1960
Houston, Texas
Executive Summary / Property Description/ Market Profile
Economics / Value Analysis
Rent Roll
Site Plan / Photographs
Aerial / Area Map
Demographics
Tenant profiles
Disclosure
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage
services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Executive Summary
Sales Price:
$4,200,000
Property
10959 FM 1960 Road West
City, Texas zip
Building Area
7,850 SF Gross Leasable Area
Land Area
27,377 SF
Parking
Asphalt parking lot. Good condition.
42 striped parking spaces.
Ratio 5.31 spaces per 1,000 SF
Shoppes at 1960
LOCATION
Southeastern Quadrant of FM 1960 & Jones Rd
Houston, Harris County, TX
Key Map 369T
■ 7,850 Omni Tenant PAD Building
■ High-visibility location at hard corner
■ 100% Leased through April 2016
■ Very Mature market
■ Healthy Upper-Middle Class Sub-Market
■ 20 miles southeast of Houston CBD
Year of Construction
2002
Current Occupancy
100%
NOI
$265,222.07
Smoothie King
1,500 SF
CAP Rate
6.3%
ACE Cash Express
1,000 SF
Interstate Battery
1,800 SF
Cricket Wireless
1,250 SF
Discount Tobacco
2,300 SF
Reputable Tenants with a National
Reach
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage
services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
4
Economics
Income & Expense Summary*
Shoppes at 1960
As Is Income
Revenue
Minimum Rent
$248,695.00
Reimbursements
$77,478.00
Effective Revenue
$326,173.00
Reimbursable Operating Expenses
Taxes
Insurance
CAM
Total Operating Expense
Net Operating Income
$47,057.01
$7,850.00
$6,043.92
$60,950.93
$265,222.07
Average Home Values for the Area within a
5-Mile Radius is $180,075
* Figures calculated as of October 15, 2015
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage
services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
5
Traffic Counts & Accessibility
Shoppes at 1960
6
Access:
The Shoppes at 1960 have three ingress points: one on FM
1960, one on Jones Road, and a cross access with the center
Traffic Counts (Estimates)
behind. TXDoT has recently completed an upgrade to FM 1960
adding raised medians and dedicated left turn lanes.
FM 1960 west of Jones Road
53,000 vehicles daily
FM 1960 east of Jones Road
47,000 vehicles daily
Jones Road north of FM 1960
35,990 vehicles daily
Jones Road south of FM 1960
36,820 vehicles daily
Map to the right indicates the site with a yellow star and shows area within a 5 minute drive time during normal driving conditions.
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage
services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Investment Highlights
■
Freestanding PAD building on the hard corner of heavily trafficked FM 1960 and Jones
Road. Over 45,000 cars per day pass this center.
■
Stabilized income stream of five tenants. Cricket Wireless is the first lease set to expire
March 2016; tenant is confirmed not to be renewing.
■
Explosive growth along FM 1960 corridor with retail, medical, office and hospitality lead-ing the development.
■
TXDOT recently upgraded FM 1960, adding raised medians with left turn lanes and median
openings, easing access to the center
■
Close proximity to major employment centers including the North Cypress Medical Center,
Gateway Northwest Office Park, Texas Children’s Health Center, and Cypress Fairbanks
Medical Center Hospital.
■
Large daytime population within 5 mile radius, 273,000
■
Well established trade area with multiple master-planned communities servicing the
intersection with single family homes ranging from $200-$500.
■
Expected population growth to reach near 283,000 people and100,000 households in the
next five years.
■
2 miles from 290, 3 miles from 249, 2 miles from BW8, and 10 from the new Grand
Parkway expansion.
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage
services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Shoppes at 1960
7
Market Area Overview
The Houston MSA
has experienced expansive
growth in the last several years. The retail market in Houston
is benefitting from the continued strength of the Houston metro
economy, with employment as a major factor driving continued strength of the Houston metro economy, with employment
as a major factor driving continued growth. As of October
2015 the unemployment rate in Houston is only 4.5%
The city has added 1.8 million new residents in the last 15 years and is projected to continue to grow by 2% annually for the foreseeable
future.
The Houston economy is far more diversified and therefore less dependent on energy than it was in the 1980’s, so the impact of the oil
price slump on the economy is lessened and lower gas prices are increasing consumer’s disposable income. Additionally, the downstream oil industry— refining and petrochemical, is seeing a $50 billion expansion.
The FM 1960 corridor servers as a major artery linking Hwy 290 to SH 249. This stretch of the FM 1960 is located less than 20 miles
from downtown Houston and has seen increased demand for retail due to the expansion of the Grand Parkway and widening of 249
and 290.
Shoppes at 1960
Tenant
Smoothie King
Discount Tobacco
Cricket Wireless
Ace Cash
Interstate Battery
SF
1,500
2,300
1,250
1,000
1,800
SEC FM 1960 & Jones Rd
Houston, TX 77070
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PYLON & LED SIGN
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AVAILABLE
1,500 SF
BEAUTY
CARE
SALON
CHECKS
CASHED
INTERSTATE
ALL BATTERY
AVAILABLE
1,100 SF
LEASE SPACE
SMOOTHIE KING
BEAUTY CARE SALON
AIO WIRELESS
CHECKS CASHED
INTERSTATE BATTERIES
Demographics
Shoppes at 1960
1 Mile
3 Mile
5 Mile
13,899
16,777
11.2%
114,043
113,234
11.4%
254,649
273,551
11.2%
2015 Total Households
4,614
40,524
89,069
Average Household Size
3.1
2.8
2.9
$63,757
$78,501
$63,592
$82,992
$68,986
$93,363
Population & Projected Growth Rate
2015 Total Population
2015 Total Daytime Population
5 Year Projected Growth
Households
2015 Income
Household Income: Median
Household Income: Average
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage
services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
10
Tenant Profiles
Smoothie King
SF: 1,500 SF
Number of Locations: 650+
Smoothie King is a privately held New Orleans, Louisiana-area based franchise company and is the premier Smoothie Bar & Nutritional Lifestyle Center in the industry.
Smoothie King centers offer their guests the industry’s first and original nutritional
fruit and function-based, fresh-blended smoothies. Each “Lifestyle Center” also offers
healthy retail product solutions in sport beverages, energy bars, healthy snacks, vitamin supplements, herbs, minerals, and sports nutrition products.
Smoothie King has 65 locations within the Houston metropolitan area.
Website: www.smoothieking.com
Interstate All Battery Center
SF: 1,800 SF
Number of Locations: 50+
Enjoying a reputation for top-quality products, business innovations and consistently
reliable service, Interstate Batteries is the No. 1 replacement brand battery in North
America. Now over a billion dollar, privately held corporation, Interstate continues
to thrive on our innovation, as well as our good old-fashioned business principles
founded on treating others like we would like to be treated. Four lines of business
make up our enterprise, employing more than 1,400 team members nationwide.
Website: www.interstatebatteries.com
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage
services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Shoppes at 1960
11
Tenant Profiles
ACE Cash Express
SF: 1,000 SF
Number of Locations: 2,000+
ACE Cash Express offers a variety of services both in store and online. Services include payday loans, tax checks, title loans, money transfers, auto insurance, check
cashing, prepaid debit cards, and bill payment.
Website: www.acecashexpress.com
Cricket Wireless
SF: 1,250 SF
Number of Locations: 90+
Cricket Wireless is a prepaid wireless service provider of voice, text, and data. The
company is a subsidiary of AT&T and is a dealer driven network of stores. Each
store offers a verity of prepaid plans, phones and accessories.
Website: www.cricketwireless.com
Discount Tobacco
SF: 2,300 SF
Number of Locations: 1
Discount Tobacco has one of the largest selections of tobacco products in Houston,
offered at near wholesale prices. Products range from cigarettes and e-cigs, to pipe
tobacco, cigars and custom blends.
Website: N/A
The information contained herein was obtained from sources deemed reliable; however, The Weitzman Group makes no guarantees, warranties or representations as to the completeness or accuracy thereof.
The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice. The Weitzman Group, which provides real estate brokerage
services, and Cencor Realty Services, which provides property management and development services, are divisions of Weitzman Management Corporation, a regional realty corporation.
Shoppes at 1960
12
Shoppes at 1960
Houston, Texas
The Weitzman Group
Since our founding 25 years ago, The Weitzman Group has earned a reputation as The
Retail Specialists. Our professionals have created some of Texas’ finest and best-known
retail, restaurant and mixed-use projects.
We understand the rewards of distinctive retail projects. The team creates premier properties based on a deep knowledge of:
Presented by:
The Retail Specialists®
Jacob Grossman
Assistant Vice President
jgrossman@weitzmangroup.com
713.477.9986
Randy Hopper
Vice President
rhopper@weitzmangroup.com
281.382.1594

The specialty retailer

The specialty retail project

The customer for specialty retail

The economic challenges facing specialty retailers

The all-important tenant mix
The Weitzman Group, with decades of experience in mixed-use and specialty leasing,
knows every challenge – and how to turn them into successes. We create true destinations for the markets we serve through outstanding tenant mixes with unique restaurant
and retail concepts.
The Weitzman Group. We are known for our passion for service, and for our results.
www.WeitzmanGroup.com