Marcus & Millichap is pleased to present an opportunity to acquire a fully stabilized, multi-tenant neighborhood shopping center in the prime retail corridor of Pasadena, Texas, a rapidly growing suburb of Houston. Anchored by JCPenney, Fairmont Shopping Center is currently 100 percent occupied, with 97 percent of the gross leasable area having national or regional credit tenants. Tenants include Ashley Furniture, Guitar Center, Bright Now! Dental, Starbucks, Boost Mobile, Mattress One, Check Into Cash, PCP Pharmacy, Gulf Coast Regional Blood Center, and Fairmont Nails and Spa. All leases are triple net, and most have renewal options remaining. The building is newer 2006 construction, with the majority of the leases in place since the center opened. Situated on 13.38 acres, the center has ample parking on a concrete lot.
Shadow-anchored by Walmart, Fairmont Shopping Center is located in the southwest quadrant of the Fairmont Parkway and Sam Houston Tollway intersection. Traffic counts are approximately 52,800 vehicles per day on Fairmont Parkway and 85,000 vehicles per day on Sam Houston Tollway. The subject property is well-positioned in a dense retail corridor consisting of numerous national and local tenants, including Walmart, Lowe’s, The Home Depot, Pep Boys, Chuck E. Cheese’s, Dirt Cheap, Dollar Tree, Walgreens, Kohl’s, Target, Conn’s Home Plus, Office Depot, Buffalo Wild Wings, Panera Bread, H-E-B Grocery, Best Buy, Michaels, Five Below, Marshalls, PetSmart, Massage Envy, Ross Dress for Less, Old Navy, Chili’s, Burlington, Academy Sports and Outdoors, Party City, and many others.
Ellington Field Joint Reserve Base is approximately five miles south of the property, a joint installation shared by various active component and reserve component military units, as well as aircraft flight operations of the National Aeronautics and Space Administration (NASA) under the aegis of the nearby Johnson Space Center. Ellington now has the rare distinction of having all five military branches of the U.S. Department of Defense – Army, Navy and Marine Reserve units, Army and Air National Guard – in addition to the Coast Guard under the Department of Homeland Security, and NASA operations – on one base.
- 165,351-Square Foot Regional Shopping Center Located in a Dense Retail Corridor
- 100% Occupied | All Leases are Triple-Net
- Anchored by JCPenney | 59% of the Gross Leasable Area | More than Seven Years Remain on the Primary Term | Only JCPenney Location in Pasadena with no Competing Stores within 11 Miles
- Current Rent on JCPenney Ground Lease is $2 per Square Foot for the Building, Well Below Market Rents
- Strong Tenant Base | 97% of the Gross Leasable Area has National or Regional Credit Tenants
- Newer 2006 Construction on 13.38 Acres | The Property Lies within “Zone X” of the FEMA Flood Map, Outside the 500-Year Flood Plain with less than 0.2% Annual Chance of Flooding | Property Endured Hurricane Harvey with Zero Damage and was Operational Days After the Hurricane
- Strong Occupancy History | Majority of the Tenants have been in the Center Since Development | Historical Occupancy has been Above 98% Since 2006
- Shadow-Anchored by Walmart | Other Area Traffic Drivers Include Retail Centers Anchored by Target, Kohl’s, Conn’s Home Plus, Ross Dress for Less, The Home Depot, and Lowe’s
- Property is in the Southwest Quadrant of the Sam Houston Tollway and Fairmont Parkway Intersection | Major Thoroughfares with Approximately 52,800 Vehicles per Day on Fairmont Parkway and 85,000 Vehicles per Day on Sam Houston Tollway
- Affluent Surrounding Area with an Average Household Income of $87,950 within a One-Mile Radius | Dense Population of more than 297,900 Residents within Five Miles
- Attractive Assumable Financing in Place | 4.37% Interest Rate | Cash on Cash is 9.69%
- Priced at $98 per Square Foot | Well Below Replacement Cost